right, but there are many other places to make a deposit account, such as post offices, agricultural and fishery cooperatives, credit cooperatives, convenience stores, and supermarkets that provide banking services. deposit accounts can be held in a range of places nowadays. to examine the impact of the bank's easing policy on banks'profits, chart 2 compares the actual deposit - taking and lending - related profit as a result of the increase in lending and decline in interest rates since the introduction of qqe ( where profit is calculated by subtracting interest on deposits from interest on loans ) as well as hypothetical deposit - taking and lending - related profit had qqe not been introduced. in particular, two counterfactual scenarios are considered. in the first, case 1, it is assumed that without qqe see, for example, the 2 - day series, minami takero and nakatani shogo, " chigin haran jinzai kokatsu no kiki, " nikkei, february 20 and 21, 2019. 17 yamaneko, " keizai kishodai ginko no kyogaku sonshitsu, dare no tame, " the asahi shimbun, march 26, 2019. the article describes how deterioration in banks'profits has started to undermine users'convenience - - for example, branches that people nearby have frequented have closed and / or some other branches have stopped providing services for corporate clients, allowing use only by individual clients. lending would not have increased and interest rates would have continued declining, following the past trend. next, although i think that it is correct to assume that interest rates would have continued to drop as a trend due to the decline in prices and in real gdp growth rate, as pointed out earlier, the second counterfactual scenario, case 2, assumes that interest rates would not have declined. chart 2 simulation of deposit - taking and lending - related profit tril. yen introduction of qqe 6. 0 5. 8 5. 6 5. 4 5. 2 5. 0 4. 8 4. 6 4. 4 4. 2 4. 0 fy 2011 actual values case 1 case 2 note : all banks ( domestic business sector ). deposit - taking and lending - related profit is calculated by subtracting interest on deposits ( including negotiable certificates of deposits ) from interest on loans ( including bills discounted ). in case 1, data from fiscal 2013 onward - - those

, business closures, and job losses created tremendous hardships for many americans, and was especially devastating for communities of color. we know that people of color, and black people in particular, experienced higher rates of illness and death. 1 significant representation in essential services work — jobs that required close contact with others — contributed in part to these tragic outcomes. 2 over the past 18 months, we learned how these issues played out for families through regular conversations with community leaders in our district and beyond. separately, our research shone a spotlight on many of these painful realities. for example, a team of new york fed economists published a series earlier this year aimed at understanding the gap in covid - 19 intensity by race and by income. 3 and last month, they shared their findings around racial differences in icu stress during the third wave of covid - 19. 4 1 / 2 bis central bankers'speeches there ’ s no single or simple solution that can fully address these problems. but, as a nation we can build a stronger foundation so that everyone can fulfill their economic potential, thus better enabling the federal reserve to fulfill its mandate. that ’ s why at the new york fed — and across the federal reserve system — a key area of focus is to better understand economic drivers of health and wellbeing, and to champion promising solutions. we are able to do this in large part through our community development efforts to better understand the needs and issues of low - and moderate - income communities throughout our district. our community development team recently adopted a new strategy to concentrate on three key areas : health, household income, and climate. 5 our aim is to connect people, programs, and proposals — especially those focused on fostering racial equity — with the funding needed to promote equitable growth and tackle economic inequality. we are already doing important work in this space and there is so much planned for the future. a few months ago, we brought together mental health and policy experts to examine the pandemic ’ s impact on mental health in communities of color, including the correlation between depression, anxiety, and economic factors such as lost income. 6 and next week, we ’ ll be hosting an event in collaboration with new york university ’ s rory meyers college of nursing, the new york city department of health and mental hygiene, the low income investment fund, and the robert wood johnson foundation to discuss the need for investments in maternal and child health. 7 our goal for convening this coalition of thought and civic