In this paper we study the variation of Vp/Vs and Poisson's ratio (??) in the Yellowstone National Park region, using earthquakes which were well recorded by a local seismic network. We find that the average Vp/Vs value within the geothermally active Yellowstone caldera is about 7% lower than in the area outside the caldera. Within the caldera itself there may be a further 2-7% reduction of Vp/Vs in the hydrothermally active Norris Geyser Basin, the Upper and Lower Geyser Basins, and the Yellowstone Lake and Mud Volcano regions. After considering various possible causes for Vp/Vs changes, such as geologic and structural differences, thermal effects, partial melting, and hydrothermal activity, we conclude that the most plausible explanation for the observed Vp/Vs reduction is the presence of hot-water at temperatures and pore-pressures near the water steam transition in the caldera geothermal reservoirs. ?? 1985.