What Should Catholics Think About Israel and the Jews?

In light of the war between Israel and Palestine, accusations of anti-Semitism in the fight between Ben Shaprio and Candace Owens, and some of your own comments... how SHOULD Christians think of biblical Israel, the Jewish people, and the modern nation-state of Israel? What role, if any, does the Old Covenant play today? And is it heretical to speak of the Jewish people as still the "people of God" in any sense?