The Federal Reserve chair said the central bank would make decisions on interest rates based on data.

Jerome H. Powell, the chair of the Federal Reserve, defended on Tuesday the central bank’s wait-and-see approach to cutting interest rates, in the face of intense pressure from President Trump to follow central banks around the world that have acted faster.

Decisions will depend on incoming data, Mr. Powell said at the European Central Bank’s annual conference in Sintra, Portugal. He did not give hints on the timing of rate cuts, other than to say most members of the Fed’s rate-setting committee expected them to come sometime this year.

“We are going meeting by meeting,” Mr. Powell said. “I wouldn’t take any meeting off the table or put it directly on the table. It’s going to depend how the data evolve.”

This year, central banks across the world have diverged on the speed and magnitude of their