John Ydstie

John Ydstie has covered the economy, Wall Street and the federal budget for NPR for two decades. In recent years NPR has broadened his responsibilities, making use of his reporting and interviewing skills to cover major stories like the aftermath of 9/11, Hurricane Katrina and the Jack Abramoff lobbying scandal. His current focus is reporting on the global financial crisis. Ydstie is also a regular guest host on the NPR news programs Morning Edition, All Things Considered, Weekend Edition and Talk of the Nation.

During 1991 and 1992 Ydstie was NPR's bureau chief in London. He traveled throughout Europe covering, among other things, the breakup of the Soviet Union and attempts to move Europe toward closer political and economic union. He accompanied U.S. businessmen exploring investment opportunities in Russia as the Soviet Union was crumbling. He was on the scene in The Netherlands when European leaders approved the Maastricht Treaty, which created the European Union.

In August 1990, Ydstie traveled to Saudi Arabia for NPR as a member of the Pentagon press pool sent to cover the Iraqi invasion of Kuwait. During the early stages of the crisis, Ydstie was the only American radio reporter in the country.

Ydstie has been with NPR since 1979. For two years, he was an associate producer responsible for Midwest coverage. In 1982 he became senior editor on NPR's Washington Desk, overseeing coverage of the federal government, American politics and economics. In 1984, Ydstie joined Morning Edition as the show's senior editor, and later was promoted to the position of executive producer. In 1988, he became NPR's economics correspondent.

During his tenure with NPR, Ydstie has won numerous awards. He was a member of the NPR team that received the George Foster Peabody for its coverage of 9/11. Ydstie's reporting from Saudi Arabia helped NPR win the Alfred I. duPont-Columbia University Award in 1991 for coverage of the Gulf War. Prior to joining NPR, Ydstie was a reporter and producer at Minnesota Public Radio. While there, he was awarded the Clarion Award for his report "Vietnam Experience and America Today."

A graduate of Concordia College, in Moorhead, MN, Ydstie earned a bachelor of arts degree, summa cum laude, with a major in English literature and a minor in speech communications.

Ydstie was born in Minneapolis, and grew up in rural North Dakota.

A fixture of the London landscape and soundscape, Big Ben, is falling silent for four years. The bell will cease its regular tolling while extensive repairs are made to the famous clock tower that looms over the Palace of Westminster, the home of the British Parliament.

Global stock markets ended their worst week in months amid rising tensions between the U.S. and North Korea, though U.S. stock indexes steadied on Friday to close up slightly.

Americans have been waiting for a solid pay raise for years. Maybe there's good news awaiting them as the country employs more people.

The U.S. economic recovery has gone on for eight long years, and the unemployment rate is at a low 4.4 percent. But wage gains have barely budged.

That's got economists scratching their heads.

The U.S. economy grew at an annual rate of 2.6 percent between April and June.

It was nice comeback from the tepid 1.2 percent annual growth rate of the first quarter and more in line with the turbo-charged growth of 3 percent that has been promised by the Trump administration.

The latest growth was partially driven by an increase in consumer spending. It's a positive sign that Americans are opening up their wallets, especially since consumer spending makes up about 70 percent of the economy.

The Trump administration's promise to turbocharge economic growth has yet to be fulfilled, even though forecasters are predicting that the economy has rebounded from a weak 1.4 percent annual growth rate in the first three months to a rate closer to 2.8 percent. That is the number many economists are expecting to see when the government issues its report on second-quarter growth on Friday.

After a two-day meeting in Washington, D.C., Federal Reserve policymakers say they'll keep their benchmark rate in a range between 1 percent and 1.25 percent for the time being.

Fed officials said "job gains have been solid" and the U.S. "labor market continues to strengthen" in the statement after a meeting of the Federal Open Market Committee.

The officials described economic activity as "rising moderately." They noted that unemployment rate has declined since the beginning of the year. The Fed is close to meeting its mandate to maximize employment.

President Trump has proposed big tax cuts for businesses and individuals — breaks that could reduce federal revenue by trillions of dollars. Economists and tax specialists say that unless they're paid for, the tax cuts could explode budget deficits and the national debt.

The prospect has prominent Republicans and Republican members of Congress worried.

Federal Reserve officials left interest rates unchanged as they ended their policy-making meeting in Washington, D.C., today.

The Fed raised its benchmark rate by a quarter of a percentage point back in March, to a range of 0.75 percent to 1 percent, where it remains. In their post-meeting statement today, the central bank policymakers provided little guidance on when their next rate hike might come.

President Trump has said over and over that creating jobs is at the top of his agenda. It may seem unfair to judge his progress on this goal in his first 100 days, but Trump has opened the door to scrutiny by making his own assertions on job creation.

If you filed for an extension on your taxes this week, you're right in step with the Trump administration and Republicans in Congress. They've put off voting on their promised tax overhaul until after they take another whack at repealing and replacing Obamacare.

That's got some Republicans concerned, including Stephen Moore, who was an economic adviser to the Trump campaign.

"You know, you've got a period when you're first elected where you've got to rush and get things done before that window slams shut," Moore says.

President Trump's economic policy pronouncements have taken some twists and turns this week.

From Chinese currency manipulation to his choice to head the Federal Reserve, Trump contradicted statements he'd made during the presidential campaign.

In doing so, Trump is departing from some of the radical changes he promised, and moving toward the positions of his predecessors.

Until now China was a frequent target. Over and over during the presidential campaign, Trump pilloried China, accusing it of manipulating its currency.

Copyright 2017 NPR. To see more, visit http://www.npr.org/.

ROBERT SIEGEL, HOST:

Disagreements over immigration policy could flare when German Chancellor Angela Merkel visits the White House later this week. In just the past two years, more than 1 million refugees — many of them Syrians — have inundated Germany as Merkel opened Germany's borders.

President Trump called that policy "catastrophic." In fact, integrating refugees into German society has become a challenge for Merkel as she seeks re-election.

President Trump goes to Congress Tuesday night and is expected to lay out his legislative agenda. Sweeping tax cuts, for businesses and individuals, will be at or near the top of the list for both the White House and the Republican-controlled Congress.

Trump isn't expected to offer a detailed tax proposal during his speech. But he and the Republican Congress appear to agree on some important elements of a plan.

President Trump met with executives of the Big Three U.S. automakers, the latest in a parade of business leaders to visit the White House in the first few of days of the Trump administration.

The president told the executives of General Motors, Ford and Fiat Chrysler on Tuesday that he was going to make it easier for them to invest in the country.

"We're bringing manufacturing back to the United States, big league," Trump said. "We're reducing taxes very substantially and we're reducing unnecessary regulations."

President-elect Donald Trump says he will double the nation's growth rate during his time in office. That promise will be difficult to keep.

Trump isn't talking about a temporary boost in growth. He says he can make the economy grow in the long term at a rate of about 4 percent a year.

President-elect Donald Trump has picked his campaign finance chairman, Steve Mnuchin, to be his Treasury secretary. The Wall Street banker spent 17 years at Goldman Sachs, where he was a partner, and is now chief executive of Dune Capital Management, a privately owned hedge fund.

Mnuchin confirmed his selection Wednesday during a joint CNBC interview with billionaire investor Wilbur Ross Jr., who has been tapped for commerce secretary.

After campaigning with lots of populist and anti-Wall Street rhetoric, Donald Trump is seriously considering a veteran Wall Street financier, Steve Mnuchin, to be his Treasury secretary.

Mnuchin spent 17 years at Goldman Sachs, ultimately as a partner at the investment bank. More recently, he's headed a privately owned hedge fund, Dune Capital Management. Last April he became Trump's chief fundraiser, and he's now a member of the president-elect's transition team.

Chair Janet Yellen and her colleagues at the Federal Reserve didn't surprise anyone when they announced Wednesday they were not raising their benchmark interest rate. Fed policymakers decided to keep the federal funds rate in a range between one-quarter and one-half percent. That's where it's been since last December when the Fed lifted the rate a quarter of a point from near zero — where it had been left for seven years as the central bank tried to support growth coming out of the Great Recession.

So you think that beer you brewed in your kitchen is ready for prime time, and you're thinking, "Maybe I should take the plunge and set up a little craft brewery."

You're not the only one with dreams infused with hops and malting barley. During the past couple of years, new breweries were being launched at the rate of three a day in the U.S.

New District Brewing is one of them. It just popped up in a cinder-block building in an Arlington, Va., light-industrial park.

Copyright 2017 NPR. To see more, visit http://www.npr.org/.

LINDA WERTHEIMER, HOST:

The U.S. government, today, announced a broad-reaching $14.7 billion settlement in the Vokswagen emissions cheating scandal. EPA Administrator Gina McCarthy outlined the heart of the agreement during a news conference this morning.

Copyright 2016 NPR. To see more, visit http://www.npr.org/.

Most election prediction models that try to forecast who's going to win the presidency take into account some measure of how the economy is doing. That's because generally if it's going strong in the six months or so before the election, history suggests the party currently in the White House will win. If the economy stinks, the party not in the White House takes over.

But, what if the economy is just so-so like it is now?

The outlook for global economic growth got downgraded yet again, this time by economists with the International Monetary Fund's economists. In January, they thought the global economy would grow 3.4 percent this year, but they ratcheted that down to 3.2 percent in the latest version of their World Economic Outlook.

U.S. growth for 2016 got trimmed by the same amount in the report released Tuesday, down to 2.4 percent.

So what's going on? Here are five key factors from the WEO.

The revelations in the Panama Papers have generated anger and disgust. Politicians and leaders in countries from Russia to Iceland to the oil-rich Gulf States are implicated.

The irony is that while the shady world of shell corporations and offshore accounts is still massive — costing governments hundreds of billions of dollars a year — the global community has made significant strides toward reining it in.

In the past, falling oil prices have given a boost to the world economy, but recent forecasts for global growth have been ratcheted down, even as oil prices sink lower and lower. Does that mean the link between lower oil prices and growth has weakened?

Jason Bordoff, head of the Center on Global Energy Policy at Columbia University, says there are still good reasons to believe cheap oil should heat up the world economy.

Copyright 2017 NPR. To see more, visit http://www.npr.org/.

LINDA WERTHEIMER, HOST:

As the old saying goes, the stock market has predicted nine of the last five recessions. In other words, sharply falling stock markets are crying wolf about half the time.

Dyke Messinger, who runs a small manufacturing company in Salisbury, N.C., thinks stock investors have been overreacting during this sell-off.

"It is bizarre to me when we see what we believe is good core strength in the U.S. market," he says.

Copyright 2015 NPR. To see more, visit http://www.npr.org/.

Transcript

DAVID GREENE, HOST:

Copyright 2015 NPR. To see more, visit http://www.npr.org/.

Transcript

STEVE INSKEEP, HOST:

The U.S. government reports another month of solid job growth. It happened in November, when employers added 211,000 jobs, according to the government. That sets the stage for the Federal Reserve to raise interest rates later this month. NPR's John Ydstie reports.

Pages