Trade uncertainties are high on the minds of investors and businesses — but they’re not the only risk facing the U.S. economy right now, said Mary Daly, president of the Federal Reserve Bank of San Francisco.

The global economy is slowing and the circumstances surrounding how the U.K. eventually leaves the European Union have also affected economic activity, Daly told.

“I don’t want us to get too focused on only trade when there are these other looming uncertainties that also need resolution,” she said.

Still, Daly reiterated that the U.S. economy is “in a good place” given that it is close to full employment, inflation is slowly inching up toward the Fed’s 2% target, and the federal funds rate is near “neutral.”

That means the Fed can afford to wait before making its next monetary policy move, she said. “I think patience is the way we should be right now,” she added.