Wall Street Today | OPEC+ oil output is half a billion barrels behind on supply deal

Federal Reserve Bank of New York President John Williams said Tuesday that the U.S. central bank will be weighing another large rate rise when it meets next month. "50 [basis points] or 75 [basis points] is clearly going to be the debate among policy makers, although the actual size of the rate increase will be driven by the data", he said.

Cathie Wood on Tuesday said she erred in her prediction inflation would unravel as the prices of goods and services in the US soared to 40-year highs and said the US economy is currently in a recession. “We were wrong on one thing, and that was inflation being as sustained as it has been", she said.

Vehicle sales in the US are expected to fall 17.3% this year to the lowest level in a decade as semiconductor shortages and other supply-chain problems continue to hamper production. New-vehicle inventory remains at about 25 days worth of stock, compared to 70 days before the pandemic.

OPEC+ is more than half a billion barrels behind on its pledge to supply world markets with oil, exacerbating concerns about the group's ability to balance the global market. Since the production agreement was reached in 2020, OPEC+ has pumped a collective 562 million barrels less than the target level.