Wells Fargo: Rate Cuts Premature Over Iran

Wells Fargo CEO Charlie Scharf warned that cutting interest rates now would be premature given uncertainty over the Iran conflict.
Scharf noted U.S. consumers are still increasing spending despite higher gasoline prices, indicating resilience in consumption.
He emphasized the Federal Reserve’s independence as critically important and said private credit poses no systemic risk unlike the 2008 crisis.
Scharf asserted private credit markets will not crumble and are not comparable to the financial crisis, reducing systemic concerns.