An extended period of U.S. dollar depreciation is fast approaching. The greenback could be relatively stable in the near term. There is some potential for safe-haven support for the U.S. dollar, but further Fed tightening should be modest, and global central bank actions to make dollars more readily available will likely provide an offset to potential dollar strength. Thus, we expect the U.S. currency to come under renewed pressure before long, with the U.S. economy expected to fall into recession later this year. Aggressive Fed easing starting in Q4-2023 should add to downside pressures for the greenback.