If you’re retired or just about to retire, next year’s Social Security checks are likely to see one of the biggest bumps on record as a result of surging consumer prices. The higher payments will be welcome news for retirees, who have seen their household finances squeezed badly so far this year as a result of rocketing inflation and turmoil in the financial markets. The consumer-price index rose by 8.6% in the year through May, way ahead of the 5.9% annual inflation adjustment handed out to Social Security beneficiaries in January.
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Waiting for housing to plunge? You may be waiting a long time.
Carnival stock was tumbling Wednesday after Morgan Stanley cut its price target to a Wall Street-low, saying it sees the case for a stock wipeout. Morgan Stanley analysts slashed their base case price target to $7, according to Bloomberg, and maintained an Underweight rating on the stock. In a worst, or “bear case” scenario, Carnival’s (ticker: CCL ) price could reach zero, they added.
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