Catching you up on today’s top business headlines with Wells Fargo CEO arguing that the economy is not ready for the Fed's rate hikes, OPEC+ maintaining current oil output despite supply chain strain, and Spirit Airlines hovering on a deal with Frontier as its shareholders vote.

Closing Bell

 In Business: Wells Fargo on Rate Hikes, Oil Output Unchanged & Spirit Shareholders

but the Fed maintaining of the US economy is strong enough to stave off a recession. Wells Fargo, the latest major bank to cast doubt on that thesis though, the bank ceo saying he anticipates more significant rate hikes from the Fed as it attempts to combat inflation and that the economy is not ready to handle it. Well Fed chair jerome Powell vowing Wednesday that he would not allow inflation to control the economy. But of course there are simply factors out of his own control and Opec and its non Opec partners are sticking with plans to boost oil production output as concerns of a lower global supply do remain. The group known as Opec Plus was under pressure to increase production further in an attempt to bring down high oil prices. It decided against the move though, and we'll move ahead on its own goal of increasing monthly production in August nearly 650,000 barrels a day. His next meeting is in early august and Russia's war in Ukraine largely to blame for the strain on the world's energy supply. As Western nations bring sanctions on Russian energy imports, europe feeling the pain. It does rely heavily on Russian energy sources and one of the continent's biggest utility giants. You Nipper based in Germany is in talks with the government for a bailout. Well, that company withdrawing its full year earnings forecast saying that it will be hit hard by the lower supply of natural gas from Russia and back here in the US, the battle for Spirit Airlines, continuing the carrier delaying for a second time and shareholder vote on its merger with Frontier that was scheduled for today. It's considering competing offers from Frontier and JetBlue and the same reason the vote was postponed the first time. Well, Frontier and JetBlue have each raised their own offers for Spirit in the week before the scheduled vote and Spirit and Frontier first announcing plans to merge earlier this year, JetBlue then made an all cash offer, which Spirits board rejected out of concerns that regulators wouldn't approve it. Well, the vote is now scheduled for July eight. That's one week from tomorrow.