SEPTEMBER 30, 2019 VOL. 55, No. 39
westfaironline.com
IS YOUR BUSINESS READY FOR A RECESSION?
INSIDE PAGE
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LATE TO THE PARTY
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DOCTORS OF DISTINCTION
BY PHIL HALL phall@westfairinc.com
D
uring the past few weeks, the dreaded R-word — recession — has permeated the business news cycles. This followed a mid-August hiccup when the yield on the 10-year Treasury note temporarily fell below the 2-year rate — a situation known as an “inverted yield curve,” which many economists consider to be a precursor to a recession. Traditionally, a recession is defined as two or more quarters of negative GDP
activity. And while that has not occurred, concerns over the U.S.-China trade war and a slowdown in the global economy has generated a new wave of jitters. Economic experts are split on the possibility of a recession. Federal Reserve Chairman Jerome Powell is among the voices who are optimistic on the near-term future of the U.S. economy. “We’re not forecasting or expecting a recession,” said Powell earlier this month while speaking at Switzerland’s University of Zurich. “The most likely outlook is still moderate growth, a strong labor mar-
ket and inflation continuing to move back up. Our main expectation is not at all that there will be a recession.” However, there is a less optimistic view advocated by Ray Dalio, founder of the Westport hedge fund Bridgewater Associates. “Recessions are always inevitable,” said Dalio last month in an interview with CNBC. “The only question is: ‘When?’ I think that in the next two years, let’s say prior to the next election, there’s probably a 40% chance of a recession. I think you are seeing this around the world.” » RECESSION
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MOUNT KISCO SALE INCLUDES BROKER WITH A NATIONAL, HIGH-TECH FOCUS BY PETER KATZ pktz@westfairic.com THE SALE OF THE HOMEGOODS RETAIL property at 3 E. Main St. in Mount Kisco by The Kempner Corporation to an undisclosed buyer was announced on Sept. 19. The sale price was $6,829,350. Documents which would contain the name of the purchaser were not available from
» MOUNT KISCO
Evan R. Corsello
Frank J. Gaudio President & CEO
203.302.4375
the Westchester County Clerk’s office at the time of the announcement. The announcement said the buyer was making the purchase as a 1031 exchange, referring to Section 1031 of the Internal Revenue Code, which allows an investor to reinvest the proceeds from a property sale in a new property and defer capital gain taxes. Involved in bringing
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