WASHINGTON—President Trump on Monday called for the Federal Reserve to sharply cut interest rates and again criticized the central bank’s chairman for a “horrendous lack of vision,” while reiterating his belief that the U.S. economy is strong.

The president said in a pair of tweets Monday morning that the Fed should cut its benchmark interest rate by at least a full percentage point and resume its crisis-era program of buying bonds to lower long-term borrowing costs. Such moves would typically be considered only when the economy...