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United Parcel Service Inc. has fired warning shots across the bow of the Federal Reserve and the stock market, by saying that U.S. economic growth appears to be slowing.

The package-delivery giant’s cautious outlook runs counter to what Fed Chairwoman Janet Yellen said earlier this month, when she told Congress she expects the U.S. economy to keep strengthening enough for the central bank to raise interest rates “at some point this year.” The Fed’s outlook could become clearer when it releases its latest monetary policy statement on Wednesday.

It also suggests investors should take the relative weakness in UPS stock, as well as the Dow Jones Transportation Average, more seriously, as a warning that a much bigger selloff may be on the horizon for the broader market.

United Parcel Service Inc. says it’s already working closely with retail customers on planning for this year’s peak season — even though there are indications of a softer shipping season this year.

During a conference call on Tuesday, an analyst gave UPS credit for making a concerted effort to build up the capacity of its system. But he asked how the company plans to balance the system’s upgraded capacity with a softer economy and mixed retail market.

Myron A. Gray, president of U.S. operations for the Atlanta-based package shipper, handled the question by saying the company already is working with customers on planning.