While central bankers strive to be politically independent and avoid giving elected leaders advice, they have acknowledged that government policies are threatening growth.

The Fed cut interest rates for the first time since the Great Recession in July, a move driven in part by Mr. Trump’s trade policies and partly by the broader slowdown in global growth. Jerome H. Powell, chair of the Federal Reserve, speaks on Friday and is expected suggest that additional rate cuts are on the table without signaling how many or giving a specific timeline. Tariffs — and their likely escalation — are keeping the Fed and its global counterparts on edge.

“We’re in a period when the center of gravity, the fulcrum, of U.S. economic policy is probably away from monetary policy and more in the area of trade policy, immigration policy” and other political areas, said Robert S. Kaplan, president of the Federal Reserve Bank of Dallas, said in an interview at the Jackson Lake Lodge.

Mr. Kaplan said that it is “prudent to take more time” before deciding whether or not the Fed should cut rates again in September. He does not vote on monetary policy this year, but has a seat at the table where rate decisions are made.

Asked if he expect additional rate cuts this year, he said that he is “open-minded that we may need to make further adjustments to the fed funds rate beyond what we did in July.”

But central bankers have begun warning that their ability to defend their economies is limited, especially because many never managed to sustainably lift interest rates back from rock bottom after cutting them during and after the global financial crisis.

Many are looking to their political leaders — who will gather in Biarritz, France, for the Group of 7 meeting this weekend — to help keep the world’s prosperity going.