John Ydstie

Is Obamacare Hurting Hiring By Small Businesses?

John Ydstie — Thu, 06 Jun 2013 09:19:00 +0000

The Affordable Care Act, which has become known as Obamacare, will require small businesses with 50 or more employees to offer health care coverage to their workers. Some have suggested that could be discouraging hiring by small businesses.

E.U. Eases Some Austerity Measures

John Ydstie — Fri, 31 May 2013 09:16:00 +0000

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RENEE MONTAGNE, HOST:

This is MORNING EDITION from NPR News. I'm Renee Montagne.

While there are many signs that the American economy is picking up steam, in much of the European Union, the opposite is true.

When Will Fed Officials Ease Off The Accelerator?

John Ydstie — Thu, 23 May 2013 08:48:00 +0000

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DAVID GREENE, HOST:

NPR's business news starts with some of the shine off the stock market.

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GREENE: OK, after a big run up in prices, global stock markets stumbled today. Japan's Nikkei dropped more than seven percent. European markets are down two to three percent, and here in the United States the Dow and S&P averages are both down less than one percent. One reason for all this investors selling analysts say, is new indications from the U.S. Federal Reserve and Fed Chief Ben Bernanke about a pull back in quantitative easing.

Bernanke: Economy Still Too Shaky To End Low Interest Rates

John Ydstie — Wed, 22 May 2013 21:20:00 +0000

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You're listening to ALL THINGS CONSIDERED from NPR News.

For those who closely follow decisions made by the Federal Reserve, today's marquee event was the testimony of Fed Chairman Ben Bernanke. He appeared on Capitol Hill before the Joint Economic Committee of Congress. And some lawmakers asked Bernanke about concerns of chaos in the financial markets once the Fed stops pumping money into the economy.

Apple CEO Defends Tax Practices At Senate Hearing

John Ydstie — Tue, 21 May 2013 20:41:00 +0000

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ROBERT SIEGEL, HOST:

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The top executives of Apple faced tough questions today on Capitol Hill. They came at a hearing about Apple's alleged avoidance of billions of dollars in U.S. income taxes.

CEO Cook To Defend Apple Before Senate Committee Hearing

John Ydstie — Tue, 21 May 2013 08:24:00 +0000

Giant technology firm Apple is paying billions of dollars less than it should in U.S. taxes each year, according to a report by the Senate Permanent Subcommittee on Investigations. In a hearing Tuesday in Washington, D.C., Apple CEO Tim Cook will defend the company.

The subcommittee's report says Apple avoids the tax payments mainly by shifting profits to three subsidiary companies in Ireland. The investigation found Apple is taking advantage of technicalities in U.S.

Obama Names OMB Controller As Acting IRS Commissioner

John Ydstie — Fri, 17 May 2013 09:25:00 +0000

On Thursday, President Obama named Daniel Werfel, 42, acting IRS commissioner. The announcement comes a day after the resignation of Steven Miller, who got caught up in the controversy over the IRS targeting Tea Party groups.

Yen's Drop In Value Could Fuel Curency War

John Ydstie — Thu, 16 May 2013 08:24:00 +0000

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STEVE INSKEEP, HOST:

Japan's economy is finally getting a lift. The stock market is soaring there. Companies like Toyota and Sony are seeing a surge in profits. And today, Japan's government reported the economy grew a three-and-a-half percent annual rate in the first three months of the year, a significant improvement.

Now, the government has prodded growth by causing the value of the currency, the yen, to decrease against other currencies like the dollar. That affects the price of everything Japan buys and sells - for example, dropping the price of Japanese exports.

Budget Deficit Outlook Improves Since February

John Ydstie — Wed, 15 May 2013 10:19:00 +0000

As the economy improves, the federal budget deficit is growing dramatically smaller. The Congressional Budget Office has sharply revised its estimates from just a few months ago, knocking off $200 billion in red ink for the current fiscal year. Some temporary factors are being cited for the projected improvement.

CBO now says it expects the budget shortfall to be $642 billion this year. That's still large, but far better than the trillion-dollar-plus deficits of the previous four years.

Housing Recovery Lifts Other Sectors, Too

John Ydstie — Thu, 02 May 2013 21:27:00 +0000

The government's employment report for April comes out Friday. It's an important measure of the economy's health and the advance signals have been mixed. One report this week showed layoffs falling to a five-year low, but another suggests disappointing jobs creation.

At least one sector is providing some positive news for the job market: housing.

It was only a year or so ago that housing was a big drag on the economy, and the main reason for the disappointing recovery. But that's changed. Jim O'Sullivan, chief U.S.

Regulators Warn Banks On Direct-Deposit Loans

John Ydstie — Fri, 26 Apr 2013 00:16:00 +0000

Consumer advocates call them "debt" traps. The banks that offer them call them direct-deposit advances and describe them as available funds for short-term emergencies.

But the cash advances have many of the negative characteristics of payday loans. And on Thursday, U.S. bank regulators took a step toward protecting consumers from the risks they pose.

IMF Trims Its Global Growth Forecast

John Ydstie — Wed, 17 Apr 2013 08:44:00 +0000

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STEVE INSKEEP, HOST:

The International Monetary Fund has trimmed its forecast for global growth.

NPR's John Ydstie reports the outlook was adjusted downward, largely because so much of Europe is still in recession.

JOHN YDSTIE, BYLINE: The IMF projects the Euro area economy will shrink three-tenths of a percent this year, but return to positive growth next year.

Meanwhile, the IMF forecast, called the World Economic Outlook, predicts the U.S. will grow just under two percent this year and around three percent in 2014.

U.S.

Japan's Big Stimulus Move Shocks Globe's Market Watchers

John Ydstie — Thu, 11 Apr 2013 21:49:00 +0000

Currency traders were stunned last week by aggressive action from Japan's central bank. The Bank of Japan embarked on a bond-buying program that, by one measure, is twice the size of the extraordinary moves by Ben Bernanke and the Federal Reserve in the United States. The BOJ's move is an effort to shock the Japanese economy out of more than a decade of sluggish growth and deflation.

Jens Nordvig, global head of currency strategy at Nomura Securities, was one of many market watchers surprised by the strength of the Bank of Japan's move.

Cyprus' Crisis Frames Eurozone As 'Work In Progress'

John Ydstie — Fri, 29 Mar 2013 07:07:00 +0000

On the second day since Cyprus reopened its banks, depositors continue to face restrictions on getting at their money. ATM withdrawals are limited to 300 euros a day, and there are limits on how much cash travelers can take abroad.

The controls are designed to keep worried depositors from draining the banks and moving money out of the country.

Census Bureau: Americans Burdened By High Debt

John Ydstie — Fri, 22 Mar 2013 08:49:00 +0000

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STEVE INSKEEP, HOST:

NPR's business news starts with high debt and low wealth.

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INSKEEP: Since the financial crisis, many Americans have been saving money and paying down debt. Many are in better financial shape than a few years ago.

Federal Reserve To Hold Interest Rates Low Until Unemployment Improves

John Ydstie — Wed, 20 Mar 2013 21:44:00 +0000

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ROBERT SIEGEL, HOST:

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Keep the pedal to the metal. That was the message from the Federal Reserve today after two days of meetings. The Fed is sticking with its policy of ultra low interest rates aimed at boosting economic growth. There have been some positive signs lately from the job and housing markets. And some Fed economists are concerned that continued low rates could lead to inflation, and financial instability.

Odd Political Bedfellows Agree: Banks Still Too Big To Fail

John Ydstie — Tue, 19 Mar 2013 22:21:00 +0000

Amid Washington's dysfunction, one issue has united some liberal Democrats and conservative Republicans: a common concern that "too big to fail" is alive and well.

Despite the Dodd-Frank financial reforms, these lawmakers believe the nation's largest banks still pose a threat to the economy and that the government will step in to bail them out if they get in trouble.

At a recent hearing on Capitol Hill, Sen. Elizabeth Warren, D-Mass., confronted Federal Reserve Chairman Ben Bernanke with her concerns. "We've now understood this problem for nearly five years," she said.

Time For The Fed To Take Away The Punch Bowl?

John Ydstie — Wed, 06 Mar 2013 22:58:00 +0000

The stock market's long climb from its recession bottom has some people concerned it may be a bubble about to burst — a bubble artificially pumped up by the Federal Reserve's easy-money policy. That's led to calls — even from within the Fed — for an end to the central bank's extraordinary efforts to keep interest rates low.

Even as the Dow Jones industrial average was reaching its nominal record Tuesday, Jeffrey Lacker, president of the Federal Reserve Bank of Richmond, continued his criticism of the central bank's massive intervention, calling it unhealthy.

Economists Debate Sequestration's Effect On Economy

John Ydstie — Fri, 01 Mar 2013 10:16:00 +0000

The Congressional Budget Office estimates the automatic budget cuts that go into effect Friday will shave 0.6 percent from the economy's annual growth rate. That might not be a big worry if the economy were growing at 3 or 4 percent. But growth is a paltry 2 percent, so the impact may be noticeable.

Obama To Urge Japan To Join Trans-Pacific Partnership

John Ydstie — Fri, 22 Feb 2013 10:42:00 +0000

Japan's Prime Minister Shinzo Abe meets with President Obama at the White House Friday for discussions that will focus on both security and economic issues. The U.S. is pushing Japan to join a regional trade pact known as the Trans-Pacific Partnership, but Japan wants the U.S. to agree to special conditions first.

Eurozone Economies Declined In 2012

John Ydstie — Fri, 15 Feb 2013 11:12:00 +0000

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LINDA WERTHEIMER, HOST:

NPR's business news starts with Europe's rocky economy.

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WERTHEIMER: It was a tough three months for the eurozone at the end of last year. The area fell deeper into recession.

And as NPR's John Ydstie reports, it's expected to remain in recession well into 2013.

JOHN YDSTIE, BYLINE: The output of the eurozone fell six-tenths of a percent in the final three months of last year, according to a report from Eurostat.

Lew Expected To Be Confirmed As Treasury Secretary

John Ydstie — Thu, 14 Feb 2013 11:05:00 +0000

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LINDA WERTHEIMER, HOST:

Jack Lew, President Obama's pick for Treasury secretary, appears headed toward confirmation by the full Senate.

Lew Criticized For Citigroup Connection During Senate Confirmation Hearing

John Ydstie — Wed, 13 Feb 2013 22:22:00 +0000

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AUDIE CORNISH, HOST:

Now to the nation's capitol, where senators are considering the president's nominee to manage the country's finances. Jacob Jack Lew is slated to replace Timothy Geithner as secretary of Treasury, and the Senate Finance Committee posed questions to him today. As NPR's John Ydstie reports, everyone was on their best behavior. It was nothing like the slugfest Geithner had at his confirmation four years ago.

JOHN YDSTIE, BYLINE: Maybe it's Jacob Lew's mild-mannered personality. He has the disposition of a collie compared to Geithner's feisty terrier.

What Would Obama Do (If There's No Debt Ceiling Deal)?

John Ydstie — Sat, 12 Jan 2013 11:42:00 +0000

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You might've chuckled a bit this week, if you heard about the trillion-dollar platinum coin plan, to perhaps address Washington, D.C.'s debt ceiling stalemate. But it will certainly be no laughing matter if the U.S. Congress refuses to raise the borrowing limit, and the U.S. government defaults on its debt.

Geithner Began With 'Smoldering' Economy; What Does He Leave?

John Ydstie — Fri, 11 Jan 2013 08:44:00 +0000

Outgoing Treasury Secretary Timothy Geithner has had a bruising four years. He took office when the U.S. economy was plunging into the worst recession since the Great Depression.

Nominating Jack Lew as Geithner's successor Thursday, President Obama praised his departing Treasury secretary for helping to get the economy back on track.

"With the wreckage of our economy still smoldering and unstable, I asked Tim to help put it back together," Obama said.

After The Fiscal Cliff, Businesses Say Some Uncertainty Remains

John Ydstie — Tue, 08 Jan 2013 23:43:00 +0000

Businesses complained that the uncertainty surrounding the "fiscal cliff" froze their decisions about hiring and expanding, which hurt the economy. Washington has now managed half a deal, which settles tax issues, at least for the time being. But has that removed enough uncertainty to boost some business hiring and investment?

Vickers Engineering in New Troy, Mich., makes parts for auto companies, agriculture equipment manufacturers and the oil and gas industry.

Reading The Economic Tea Leaves For 2013

John Ydstie — Fri, 28 Dec 2012 21:38:00 +0000

The U.S. economy was a bit of a disappointment in 2012. During the early months of the year, job creation was surprisingly strong, but by the end of the year, uncertainty about the election and the "fiscal cliff" slowed the economy's forward motion.

The Fed Boosts The Economy, But What About The Risks?

John Ydstie — Wed, 26 Dec 2012 22:32:00 +0000

The Federal Reserve continued to keep its foot on the accelerator in 2012, using unusual tactics to try to boost economic growth.

Failure To Avert Fiscal Cliff Could Damage World's Confidence In U.S.

John Ydstie — Fri, 21 Dec 2012 22:06:00 +0000

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ROBERT SIEGEL, HOST:

From NPR News, this is ALL THINGS CONSIDERED. I'm Robert Siegel.

MELISSA BLOCK, HOST:

And I'm Melissa Block. It's time for Plan C. Washington's efforts to avoid massive tax hikes and spending cuts come January 1st seem to be in disarray. Last night, House Speaker John Boehner failed to get enough Republicans to go along with what he called his Plan B.

Fed To Keep Short-Term Interest Rates Low

John Ydstie — Thu, 13 Dec 2012 09:53:00 +0000

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RENEE MONTAGNE, HOST:

In the U.S., the Federal Reserve now says it intends to keep its benchmark interest rate exceptionally low until the unemployment rate reaches six and a half percent. It's the first time the Fed has named a specific thresh-hold for when it would begin raising interest rates.

NPR's John Ydstie has more.

JOHN YDSTIE, BYLINE: The historic change in Fed communications with the public and the markets was announced after the regular two-day policy-making meeting yesterday.