I'm having a hard time squaring the claims of high vaccine effectiveness with the IFR (and size) of the current US COVID wave, which looks a lot like the winter wave. The ratio of deaths to infections is about 1% and rising, about the same as before. How can that be if the vast majority of vulnerable are now vaccinated? Then the infected should skew younger and a smaller fraction of infections should be fatal. But the IFR is seemingly unchanged.