In the post-meeting press conference, Fed Chair Jerome Powell said that inflation was still well above the 2% target. The hawkish remarks, however, do little to impress the US Dollar (USD) bulls amid a combination of negative factors. Moreover, a criminal investigation of Powell and an evolving effort to fire Fed Governor Lisa Cook put the focus on threats to the Fed's independence. Furthermore, economic and policy risks linked to US President Donald Trump's decisions, along with the broader de-dollarization trend, validate the near-term negative outlook for the USD. Nevertheless, the broader fundamental backdrop favors the USD bears and backs the case for a further near-term depreciation.