Equity futures are in the red Wednesday morning as Dr. Anthony Fauci's warnings about the supposedly "dire threat" posed by the Delta variant continue to be dramatically amplified by the American media.

Yesterday, we delved into the issue of the Delta variant as daily COVID cases reported in the US ticked higher after touching their lowest levels since the start of the pandemic. The data set off another round of warnings about the relatively large swath of Americans who refuse to get the vaccine.