While new economic projections showed policymakers' views of growth and unemployment largely unchanged, they saw headline inflation at just 1.5 percent for the year, down from the 1.8 percent projected in March.
The central bank may nod to recent weaker-than-expected jobs numbers and softer inflation, and drop from its policy statement a pledge to be "patient" before changing rates - opening the door to a possible rate reduction later.
Stephen Moore is a conservative economic analyst and frequent Federal Reserve critic. He is a well-known and often polarizing figure in Washington political circles. He served as Trump's campaign adviser in 2016 and helped Trump craft his tax cut plan.
China warned on Friday it was fully prepared to respond with a "fierce counter strike" of fresh measures if the United States follows through on President Donald Trump's threat to slap tariffs on an additional $100 billion of Chinese goods.
Taylor and Warsh were both viewed as people who might raise interest rates at a faster pace than Yellen and Powell. Cohn appeared to fall out of favor after criticizing Trump's reaction to the violence in Charlottesville, Virginia, earlier this year.