WASHINGTON (AP) — Treasury Secretary Janet Yellen argues that a fractured democracy can have destructive effects on the economy — an indirect jab at Donald Trump.

Yellen delivered an address Friday in Arizona, using economic data to paint a picture of how disregard for America’s democratic processes and institutions can cause economic stagnation for decades.

Yellen, taking a rare step toward to the political arena, never mentioned Trump, the presumptive Republican presidential nominee, by name in her speech for the McCain Institute’s Sedona Forum, but she hinted at the former president’s potential impact if he regains the White House.

Her remarks serve as a sort of warning for business leaders who may overlook Trump’s disregard for modern democratic norms because they prefer the former president’s vision of achieving growth by slashing taxes and stripping away regulations.