The rate of infections is rising. More people are catching the virus. Lockdowns are coming back.
But the death rate isn't rising.
Either the virus is becoming more survivable, or people with more effective immune systems are catching it.
If younger people are catching it, at universities or illegal raves or demonstrations or wherever, and surviving it because that's what they do, then this second wave will soon be followed by a third wave.
Young people go home for Christmas, don't they? Share cosy present-opening sessions with their elderly relatives. Get hugged a lot. Kissed goodnight, even.
...and a Happy New Year.