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Last month, Powell said the Fed would pause planned rate increases because the U.S. economy was slowing -- and could continue to slow in part due to a prolonged Trump trade war with China.

On Wednesday, White House economic advisor Larry Kudlow reinforced the president’ support for Moore, despite a New York Times report that he failed to fully pay taxes and alimony.

“I spoke to the president yesterday, he completely supports Steve. I certainly do. People are being awful hard on him,” Kudlow said. “This town is a toxic town in some respects. So we are fully behind him. He’s a smart guy. I think he’d be a breath of fresh air in the Fed, so far it’s all systems go.”

ABC News' Alexander Mallin, John Parkinson, Katherine Faulders and Amanda Maile contributed to this report.

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