Relation between inner product and wedge product

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$M$ is an Riemannian n-manifold, $p\in M$. $x, y\in T_pM$. Is it true that $\langle x,x \rangle \langle y, y \rangle-\langle x, y \rangle^2=|x \wedge y|^2$?

I'm reading Do Carmo's Riemannian geometry and I don't quite understand how the wedge product is defined for tangent vectors and how it interacts with inner product.