Wells Fargo Chairman and CEO Charlie Scharf discusses the resilient U.S. economy amid geopolitical risks and market volatility on ‘Mornings with Maria.’
Despite a 50% spike in oil prices and an escalating conflict involving Iran, Wells Fargo CEO Charlie Scharf reports a disconnect between market volatility and real-world economic health.
“So, separate out the pure economy from markets and what people are nervous about in terms of what the future holds. The economy is still extremely strong. When we look at it, consumers are still spending, even with the increases in oil prices. They’re spending 20, 30% more on oil, but they haven’t stopped spending on everything else,” Scharf told FOX Business’ Maria Bartiromo on Tuesday.
“When you just look at the health of the consumer and the health of the businesses that we serve, which is pretty broad across the country, things are in really good shape now,” he continued. “That’s different than the markets, right?”
U.S. gasoline prices on Monday topped $4 a gallon nationwide, adding pressure to household budgets as oil markets surge in response to the lingering Iran conflict. Fuel markets have been particularly sensitive to disruptions tied to the Strait of Hormuz, a critical corridor for global crude shipments, where Iran has effectively restricted traffic, tightening supply expectations.
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Further gains at the pump are possible if crude prices continue to rise, analysts say.
Wells Fargo CEO Charlies Scharf joins “Mornings with Maria” in a wide-ranging interview on Tuesday, March 31, 2026. (FOX Business; Getty Images/Leonardo Munoz/VIEWpress)
Meanwhile, investors are hesitant to take on any risk as the Middle East conflict rages on, with Reuters reporting a liquidity crunch amplifying “wild” price swings and widening spreads, leaving traders struggling to find buyers.
Scharf acknowledged a sense of “fragility” in the indices, but insisted that delinquencies remain low and wages continue to grow.
“It does feel like there is a fragility or a nervousness in the markets which you don’t yet see in the economy, which, depending on how long the war goes on, will either turn out to be OK or there could be a trigger which could make things a little bit worse,” he said.
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One concern he does hold for Main Street America is the Trump administration’s proposed 10% credit card interest rate cap, which he fears could lead to a “crunch” for those who need credit most.
“I think the president is right to focus on affordability,” Scharf started. “I personally don’t think that that is the best solution… I’m much more concerned with, is it the right answer for helping Americans who are in need, and does it actually help extend more credit or extend less credit? And my fear is that it actually hurts the extension of credit.”
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Looking ahead through the rest of the year, Scharf feels “very good” about Wells Fargo’s overarching growth trajectory, also touching on opportunities in artificial intelligence (AI) infrastructure.
“It’s going to be trillions of dollars, whether it’s $3 [trillion] to $5 trillion that’s going to be needed to build out the infrastructure,” the CEO said. “The hyperscalers have a huge advantage. You know, those who control these large language models that continue to be on the forefront continue to invest. People are going to pay for that.”
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FOX Business’ Bradford Betz contributed to this report.
