I doubt it's that. The markets are global and delta has been around for a while.
It's worth checking out UK experience so far. We are broadly vaccinated. So far, the delta variant is killing people at something like 1/20th to 1/30th the rate. It's bad but nothing like as bad as the previous waves.
If we'd had the vaccine to begin with, we'd have maxxed out at around 70k deaths. A lot, but far less than the 1-2m max we would have had [or 5-10m in the US].
Maybe this is the new post-vaccination normal. Riskier world. But in a few years, the risk is no worse than the flu, if not less.
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