During the summer, the media reported alarming news: 1. The efficacy of vaccines diminishes over time, as illustrated by the increasing cases in Israel, which was two months ahead of Europe in its vaccination schedule 2. The situation is worsening in the US and Asia as a result of the emergence of the Delta variant 3. It will be harder to achieve group immunity than initially expected. Moreover, as we warned in June 2020, inflation is rising, and this will have relevant consequences for interest rates