Earlier today, I met with a number of Queens business leaders, and the leadership of HANAC, the Hellenic American Action Committee. Following this visit to Queens College, I’m headed to the Queens Chamber of Commerce to meet with others in the business community. Subsequently, I’ll tour the manufacturing floor of Steinway & Sons piano factory. The agenda for these visits is always packed, but that’s part of the point – to meet with a diverse array of people in order to get a comprehensive picture of economic conditions and issues in the regions we serve and a fuller understanding of the major concerns. This is our second trip to the Borough of Queens in the past few years and recent trips have also taken us throughout our District, to Upstate New York, Northern New Jersey, Long Island, Fairfield County, Staten Island, Brooklyn and the Bronx. These outreach trips complement the ongoing efforts of the New York Fed to assess conditions in our region, which I will discuss shortly.
Chart 4: Investment consistently weaker post-crises Average financial recession Cumulative change (per cent)  Average normal recession  20 15 10 5 0 -5 0  1  2  3  -10  4  5 Years  -15 -20 -25 -30 Source: Jordá, O., Schularick, M. and Taylor, A. (2013), ‘When Credit Bites Back’, Journal of Money,Credit and Banking, Vol. 45, Issue s2. Notes: The chart shows the cumulative change in per capita investment. The grey shaded area shows a 95% confidence interval around the average normal recession. 8  All speeches are available online at www.bankofengland.co.uk/speeches  8  Chart 5: UK, US and euro-area capital overhangs being worked off  UK capital to output ratio  Euro area capital to output ratio Euro area trend capital to output ratio US capital to output ratio US trend capital to output ratio Per cent 340  Per cent 130  UK trend capital to output ratio  120  320  110  300  100  280  90 80  260  70  240  60  220  50 1995 1999 2003 2007 2011 2015  200 1995 1999 2003 2007 2011 2015  Sources: BEA, OECD, ONS and Bank calculations.