Billionaire Ray Dalio recently said that the Fed’s response to strong economic data and increased fiscal spending could lead to an “economic slowdown.” This according to a CNBC article.

Dalio, founder of Bridgewater Associates, argues that we are in a stage of the economic cycle in which “the central banks’ getting monetary policy right is difficult,” and that “the risks of a recession in the next 18-24 months are rising.” He says that, while most market players seem to be focused on a strong 2018, his firm is looking more toward 2019 and 2020 (the next presidential election year).

Although earlier this month Dalio anticipated another big upward move in the market, the article reports, “his view changed after a stronger than expected wages number and higher deficit budget deal.” Concerns about central bank reactions will increase, he argues, as the economy continues to strengthen.

“Frankly,” says Dalio, “it seems to be inappropriate oversight to not be talking about the chances of a recession and what the recession might look like prior to the next election.”