Three weeks ago, the Federal Reserve's Federal Open Market Committee made news when it announced its biggest rate hike since 1994, in an effort to show markets that it's serious about taming inflation. Today, the central bank will release the minutes from the June 14-15 policy meeting, giving investors a window into the FOMC's decision-making process. The details could provide more clues on how the Fed made its decision to go with the three-quarters of a percentage point increase, triple its standard 25-bps increase, and if it will go for another at the end of July.
Tesla is no longer the world's biggest electric vehicle maker as the EV pioneer takes a backseat to BYD. The Chinese automaker, which is backed by Warren Buffett, sold 641,350 new energy vehicles in the first six months of 2022, representing a 315% increase from the same period last year. Tesla, on the other hand, only delivered a total of 564,743 vehicles in H1 as it contended with supply chain problems, factory lockdowns and sales disruptions in China.
Just hours after telling an energy summit in Abuja that the oil industry was "under siege" from years of under-investment, OPEC's Secretary-General Mohammad Barkindo has died at the age of 63. Barkindo had served in the role since 2016. Recession fears slammed oil prices on Tuesday, with crude tumbling 8% to under $100 a barrel as investors fretted over a soaring dollar and a downturn that could slam demand.