As he heads toward retirement at month’s end, Philadelphia Federal Reserve President Patrick Harker says interest rate cuts remain a possibility this year amid a very uncertain economic landscape, as he also flagged worries about the quality of economic data policymakers use to make their decisions.

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.

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.