let's discuss that with michelle girard, cohead of global economics at natwest securities. so much for joining us, michelle. so if we are seeing more action coming from the fed, already they have done plenty, what else could they do? michelle: well, you are exactly right that they set the stage for what we already know has happened, which is a whole host of acronyms of programs, lending programs to facilities to support markets and the economy that has fallen. and honestly, there is still more that could be done. thee is talk about potential for the fed to step in and perhaps continue to help in some ways to support further the bond market or the state or local governments that are going to be facing high borrowing that theyhe same time are seeing revenues -- taking a hit to revenues. perhaps the inclusion of their monetary policy review, which was expected to come in june, we could see the fed take additional action in terms of their monetary policy approach, where they would not only perhaps signal, reaffirm their lower for longer out look in terms of rates by shifting ave

david: michelle, thank you for your time, michelle girard of natwest markets.e meantime, stay tuned bloomberg television because that 2:00 this afternoon eastern time, we will bring you special for coverage of the bed coming up -- of the fed coming up here. we will turn to a congressman after the break, congressman from south dakota and what is going on with coronavirus with his day. this is "bloomberg." ♪ david: welcome back to "balance of power." i am david westin. south dakota made their relatively small state in the overall scheme of things, but like the rest of the country, has a rather be coronavirus problem. we welcome now congressman from south carolina, dusty johnson, republican, and he is going to give us the perspective from south dakota on this pandemic. give us a sense of how this virus has affected your state. johnson: i suppose it is like everywhere, there are hundreds of impacts that we are a big agricultural state. we pride ourselves on doing a lot to feed this country and feed the world. you look at the smithfield plant , a meatpacking plant,

we will discuss that with michelle gerard -- girard. >> i am amanda. historic declines retail sales and factory output, but there are suggestions the worst is still ahead. the ceo of goldman sachs says analysts should plan for better -- hope for better, but plan for the worst. u.s. gdp isd forecasted to decline in the second quarter before recovering, resulting in an economic contraction for about 60% of the year. -- of about 60% for the year. we are joined by michelle girard. this is the big unknown. the degree of uncertainty. when you see the data and know that it is going to get worse, match it up with the fiscal programs we have seen so far. do you expect it to be more or does it need to be more to get us through this? michelle: we have to acknowledge that what we have seen to date is unprecedented, both in terms of the speed and magnitude of the response, the type of response in many ways itself unprecedented with the fed buying corporate bonds, going placesds -- they have not gone before. -- it ishat is a encouraging in terms of ruling out a wors