The president has repeatedly berated Powell for not cutting rates as he desires. The two men met face-to-face for the first time last week.

The Fed’s caution is likely to put it on a collision course with Mr. Trump, who has repeatedly urged the central bank to cut interest rates. He did so again on social media on Friday, calling Jerome H. Powell, the Fed chair, “a disaster” and suggesting policymakers should cut rates by a full percentage point.