Washington’s spending spree endangers the global status of the dollar as a reliable safe haven, according to Eurizon SLJ Capital’s Stephen Jen.

Continued US fiscal imprudence and a return to “quantitative easing could jeopardize the global standing of the US Treasuries and undermine the left side of the dollar smile,” the firm’s CEO Jen and economist and portfolio manager Joana Freire wrote in a Tuesday note.