Wells Fargo CEO says US economy ‘remains very strong’ despite Iran war – but there’s a catch

Charles Scharf, Chairman and CEO of Wells Fargo, maintains a positive outlook on the United States amid the Iran war.

In a new interview with Fox Business, Scharf He says Many indicators at the household and business levels point to a strong US economy.

“…Separating the pure economy from the markets, which is what people are worried about in terms of what the future holds, the economy is still very strong. And when we look at consumers, they are still spending even with the increases in oil prices – they are spending 20%, 30% more on oil. But they haven’t stopped spending on everything else.”

Delinquencies remain strong, hiring remains strong, wages are still growing, and businesses are doing well. It’s still very early, but when you just look at the health of the consumer and the health of the businesses that we serve, which is very broad across the country, things are in really good shape.

However, Scharf says the state of the economy could change depending on the length and outcome of the Iran war.

“We have markets that are depreciating on the one hand. You see some tension. And you also have this debate about – are people taking into account the risks of war enough? And the markets are having discussions. This will continue.”

But there seems to be fragility or tension in the markets, which you do not yet see in the economy. Which, depending on how long the war lasts, will turn out to be okay. “Or there might be a reason that might make things a little worse.”

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