The US economy should slow “considerably” in 2019 as the boost from last year’s economic stimulus fades, the president of the New York Federal Reserve Bank said Wednesday.

Amid economic uncertainty, the Federal Reserve could “wait” before raising interest rates again, John Williams said in remarks to the Economic Club of New York.

Williams holds the number two position on the central bank’s rate-setting monetary policy committee.

Global markets have fallen in recent weeks as investors grow fearful the world economy will slow.

The Commerce Department estimated last month that the world’s largest economy had slowed at the end of 2018 but posted a strong 2.9 percent for the year.

Williams said that last year strong global growth, fiscal stimulus and easy financial conditions had helped boost the US economy.

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