On May 21, Barclays analysts said in a report that the dollar could fall further in the near future, although the decline may be limited if the U.S. economy is relatively resilient. Bond market volatility is creating an unfavorable environment for the dollar, and US trade policy mistakes, shifts in rhetoric around tariffs, or weak data could further weaken the greenback. However, analysts do not expect a significant depreciation of the dollar. The recent tariff downgrade, they say, means that the U.S. economy may suffer less than feared. In addition to the short-term unease over the US budget deficit, Trump's fiscal easing program is more likely to strengthen the dollar than his choice of fiscal austerity.