“The data are not sending any signal that the labor market is so hot, or that inflation is moving up, or anything like that,” Mr. Powell said, noting that the strong job market has many beneficial side effects, including lifting wages for lower-paid workers.

That view could influence policy decisions in the coming months . If the Fed is more comfortable than it once was maintaining a seemingly tight labor market, that could keep it from rushing to raise rates out of fear that prices might take off.

In fact, Mr. Powell indicated after the central bank’s last meeting that the Fed was not considering raising rates now, specifically pointing to muted inflation.

Mr. Powell also used the appearance to emphasize the central bank’s freedom from the political process.

“Politics plays absolutely no role in our decisions,” he said. “We won’t make mistakes of character or integrity.”

The Fed’s independence has been under strain over the past year, with Mr. Trump regularly attacking it for not lowering borrowing costs quickly enough and blaming the central bank for any economic weakness. On Tuesday, Mr. Trump again criticized the Fed during a speech before the Economic Club of New York, accusing it of putting the United States at a competitive disadvantage to other nations.

“We are actively competing with nations who openly cut interest rates so that now many are actually getting paid when they pay off their loan, known as negative interest,” Mr. Trump said. “I want some of that money.”