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.

Federal Reserve Chair Janet Yellen today announced that she will resign from the Federal Reserve Board once her successor, Jerome Powell, is sworn in.

Yellen is the first woman to serve as Fed chair. While her term as Fed chair ends in February, Yellen could have stayed on the board until 2024, serving out her 14-year term as a Fed governor. Instead she'll follow the practice of previous Fed leaders and leave the board once Powell becomes chairman.

Federal Reserve Chair Janet Yellen, the first woman to hold that position, won't have the opportunity to serve four more years as leader of the nation's central bank. But she leaves the Fed's top post having largely achieved its mandate to engineer full employment while keeping inflation at a level that fosters growth.

President Trump on Thursday named Jerome Powell to be the next chair of the Federal Reserve, the first time in decades that a president hasn't reappointed a chief of the central bank for a second term.

If confirmed by the Senate, Powell, 64, will succeed Janet Yellen — the first woman to head the Fed — whose term expires in February. Powell, a current member of the Fed's board of governors, is expected to pursue policies largely in line with the gradual interest rate hikes of the Yellen-led Fed.

A day before President Trump was expected to name their next leader, Federal Reserve policymakers decided to hold a key interest rate steady at between 1 percent and 1.25 percent. However, analysts are still looking for a rate increase at the central bank's next meeting, in mid-December.

President Trump says he is very close to making a decision about who will lead the Federal Reserve once Janet Yellen's term expires in February.

The Fed chair is often called the second-most-powerful person in Washington, after the president. By steering interest rate policy, the Fed chair affects economic growth, the pace of job creation and inflation.

The Federal Reserve on Wednesday said it will hold short-term interest rates steady for the time being. But the central bank said that in October it will begin to unwind the extraordinary stimulus it used to battle the Great Recession.

Fed Chair Janet Yellen has said the process will be gradual. But over the long run, the plan will put upward pressure on consumer interest rates, including for car loans and mortgages.

The "Dieselgate" scandal may have dented Volkswagen sales in the U.S., but demand remains strong for two VW products: classic Beetles and vintage buses. Collectors are pushing up prices of both. A small body shop in Williamsport, Md., has played a part in that. Cooker's Restoration & Fabrication takes vehicles that look like they're headed for the scrap heap and turns them into showpieces.

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Local, state and federal agencies have mobilized to provide relief for victims of Harvey in east Texas and in the state of Louisiana. Now businesses are joining that effort. Here's NPR's John Ydstie.

Children who start school at an older age do better than their younger classmates and have better odds of attending college and graduating from an elite institution. That's according to a new study from the National Bureau of Economic Research.

Malala Yousafzai was only 15 when she was shot by the Taliban in Pakistan for campaigning for the education of girls. Now, she has been accepted to Oxford, one of the world's elite universities.

Malala tweeted, "So excited to go to Oxford!!!" She also congratulated other students in England, Wales and Northern Ireland who received news Thursday about their university futures.

At Oxford Malala will study philosophy, politics and economics.

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.

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.

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.

If you've checked your retirement account lately or read the business headlines you probably know the stock market is riding high. The major U.S. stock indexes are in record territory. So what's lifting the market? Despite all the turmoil in Washington, is it still the Trump rally?

Since the U.S. election, the S&P 500 is up 16 percent and the Dow is up 18 percent, even though President Trump has yet to deliver on most of his pro-growth policies, including tax cuts and a big infrastructure plan.

A key part of President Trump's tax plan is to repatriate corporate profits held overseas back to the U.S. With the lure of lower corporate rates, the idea is that companies will free up overseas earnings and instead invest in jobs and equipment in the U.S. A similar scheme was tried during the administration of George W. Bush, but companies used most of the money on stock buybacks or to pay dividends to shareholders.

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.

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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."

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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.

Donald Trump has proposed a very detailed tax plan — but his statements on the campaign trail don't always match what his proposal would really do.

For instance, at a rally in Scranton, Pa., Trump promised to "massively cut taxes for the middle class, the forgotten people, the forgotten men and women of this country, who built our country." During a town hall meeting on NBC's Today show, he said he believes in raising taxes on the wealthy.

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The government has released its last jobs report before Election Day. It shows the U.S. economy improved in October. As NPR's John Ydstie reports, it was strong wage growth that grabbed the spotlight.

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.

Productivity, a key measure of the economy's health, has been growing more slowly in recent years — and it has dropped for the past three quarters. Can Facebook and other social media distractions on the job be partly to blame?

Growth in the U.S. economy has been frustratingly slow during the recovery from the Great Recession. And it has fueled a lot of political discussion this year. One characteristic of that slow growth has some economists scratching their heads and others promoting grand theories to explain it.

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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.

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