President Joe Biden is heading to Boston next week after he makes a stop in New Hampshire, the White House said according to multiple reports.

On Tuesday, Biden is expected to hold an official White House event in Merrimack, N.H., before he travels down to Boston, WCVB-TV reported citing the White House. It will be his second trip to New Hampshire this year after he was in the Granite State in March.

The last time he was in Boston, back in December, Biden appeared at a James Taylor benefit concert where funds went to the Biden Victory Fund. He attended several fundraisers, including one where he suggested the nation is at a “real inflection point in history,” hinting at the election and the likelihood of facing former President Donald Trump again in November.

“Because this time we’re running against an election denier-in-chief. Trump is not even hiding the ball anymore,” Biden said, according to a pool report. “He’s simply not hiding the ball. He’s telling us what he wants to do. He’s proud to say he killed Roe v. Wade by the [U.S. Supreme] court he appointed.

“He’s running again to get rid of the Affordable Care Act,” Biden continued. “I could go on. But let’s be clear about the side — what’s at stake in 2024: Donald Trump and his MAGA Republicans are determined to destroy American democracy.”

Then-Republican National Committee Chairperson Ronna McDaniel slammed Biden at the time for getting “cozy” with “his elite donors.”

BRENTWOOD, NH — A Rockingham County grand jury indicted the following people recently.

Zachary John Fenton, 28, of Washington Street in Quincy, Massachusetts, on robbery and theft by unauthorized taking, both felonies, as well as two simple assault charges. He acted in concert with Leanne Mercer to steal merchandise from and rob Home Depot in Londonderry on Oct. 9, 2023, and in the process, Fenton punched and slapped two people while fleeing, according to the indictment.

Daniel H. Gage, 45, of New Boston Road in Kingston on 10 felony counts of possession of child sexual abuse images. He was accused of possessing an .mp4 and .jpgs in Kingston on Sept. 19, 2022.

Justin C. Gautreau, 36, of Dickinson Street in Lisbon on possession of crack cocaine, possession of meth, and theft by unauthorized taking charges, both felonies. He was accused of stealing merchandise from Dick’s Sporting Goods in Salem on April 10, 2022, after being convicted twice before on theft charges.

Thomas P. Gilmore, 38, of Ocean Boulevard in Hampton on a felony possession of fentanyl charge on Feb. 26, 2022, in Hampton.

Noe Abigail Gomez Najera, 53, of 2nd Street in Lowell, MA, on a felony possession of cocaine charge in Londonderry on March 18, 2023.

Joshua Eric Goodwin, 43, of Lund Drive in Hudson on a felony possession of testosterone cypionate charge on June 11, 2023, in Londonderry.

Luis Enrique Guerrero Martinez, 30, of Newbury Street in Lawrence, MA, on possession of meth with intent to dispense, possession of fentanyl, and possession of meth charges, all felonies, on Jan. 5 in Salem. He was accused of possessing an ounce or more of meth.

Daniel Alexander Guerrero Mejia, 21, of Boston, MA, on possession of cocaine with intent to distribute and conspiracy-possession of cocaine with intent to distribute charges, both felonies. He was accused of possessing 5 ounces or more of cocaine in Plaistow on Jan. 24.

Rhiannon Greenberg, 34, of Parish Lane in Boxford, MA, on possession of fentanyl and two forgery charges, all felonies. She was accused of passing a fake $20 bill and a counterfeit $50 bill in Seabrook on Dec. 6, 2022.

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That’s the message I took away from the latest inflation data, released May 15, 2024, which showed U.S. consumer prices rising 3.4 percent in the 12 months to April 2024. This is down slightly from the 3.5 percent year-over-year increase reported in March 2024.

In other words, while prices are rising, they’re not going up as sharply as they once were. That’s good news for shoppers; the U.S. economy is far from the 9.1 percent annual inflation seen in June 2022.

While energy and shelter prices increased in April, these gains were relatively modest. Meanwhile, food prices remained steady compared to last year and even declined by 0.2 percent compared to March. What’s more, people in the market for a car were in luck: New and used vehicle prices fell 0.4 percent and 6.9 percent, respectively, in April.

The “core” consumer price index – which doesn’t include volatile food and energy prices and is often considered better at predicting future inflation than so-called “headline” CPI figures – is also down slightly. After posting a year-over-year increase of 3.9 percent in January and 3.8 percent in February and March, it slowed to 3.6 percent in April.

So the overall report is relatively positive: It didn’t show the uptick in inflation that many consumers feared, and reported inflation rates were actually slightly lower than market expectations.

As an economist, I see this data report as yet more evidence that economic growth is slowing – in a good way. The economy grew at a lower-than-expected 1.6 percent rate in the first quarter of 2024, according to the most recent gross domestic product data from the Bureau of Economic Analysis. The most recent jobs report also showed a slowdown in hiring, and the latest data on job vacancies similarly showed the labor market cooling off.

Why the Fed is paying close attention

The Federal Reserve’s main objective is to strike a balance between two goals: maintaining stable employment and ensuring price stability. It does this by managing and influencing interest rates.

Lowering rates stimulates the economy, which encourages economic growth and job creation – but that can fuel inflation. Raising rates does the opposite: Economic growth slows, which dampens inflation, but also hinders employment.

So, when inflation started increasing dramatically after the COVID-19 pandemic, the Federal Reserve responded with a two-year campaign of rate hikes – they’re currently at a 23-year high. Since this raises the cost of borrowing, investors and potential homebuyers are keen for the Fed to dial back its rates.

After May’s report, I don’t believe the Federal Reserve will be in any rush to cut interest rates from their current elevated level. There’s a slowdown, to be sure, but the slowdown is so steady that it’s not pulling prices down in any rapid fashion.

This is no doubt frustrating for the Fed – which has an inflation target of 2 percent – as well as for potential homebuyers. But it’s evidence that the economy is stable at the moment. Inflation isn’t surging, and consumer spending, according to the Bureau of Economic Analysis, is still growing. In March, consumer spending increased 5.8 percent year over year, up from February’s 4.9 percent rate.

All eyes on the American shopper

Going forward, hopes for a “soft landing” – economist-speak for when the Fed slows inflation without triggering a recession – will depend in large measure on U.S. shoppers. Consumer spending makes up roughly two-thirds of U.S. gross domestic product.

If American shoppers suddenly stop spending, then inflation will slow considerably, job vacancies will evaporate, and gross domestic product could contract. At that point, the Fed will turn attention away from inflation and toward economic stimulus, and rates will fall.

I mention this because a recent report by the Federal Reserve Bank of St. Louis showed a troubling uptick in consumer credit card delinquency rates. If much of the recent increase in consumer spending is due to Americans relying more on credit cards, then the economy could be on shakier ground than it appears.

The good news is that delinquency rates are still way below where they were ahead of the Great Recession, which lasted from December 2007 through June 2009. So, while this data may be troubling, there’s no need to panic just yet.

In short, while inflation rates still aren’t to the Fed’s liking, the economy – for now – appears to be on a stable path.

This article is republished from The Conversation under a Creative Commons license. Read the original article.