John Ydstie

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The U.S. economy grew at a 2.9 percent annual rate in the final three months of 2017, the Commerce Department said Wednesday. That's slightly faster than the previous 2.5 percent growth estimate, but slower than the 3.2 percent pace of the third quarter.

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The U.S. stock market rocketed higher yesterday as fears of a possible trade war between the U.S. and China eased. As NPR's John Ydstie reports, the two countries have begun talks aimed at avoiding tit-for-tat sanctions that could damage both sides.

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Updated at 2:59 p.m. ET

The Federal Reserve announced a quarter-point increase in interest rates as expected Wednesday, the first rate move under its new chairman, Jerome Powell. The key fed funds rate was moved up to a target range of 1.5 percent to 1.75 percent.

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