Wells Fargo Chairman and CEO Charlie Scharf discusses the resilient US economy amid geopolitical risks and market uncertainty on ‘Mornings with Maria.’
Despite a 50% increase in oil prices and the growing conflict involving Iran, Wells Fargo CEO Charlie Scharf reports a disconnect between market volatility and the health of the global economy.
“So, separate the pure economy from the markets and what people are afraid of about what the future holds. The economy is still very strong. If we look at it, consumers are still spending money, even with the increase in the price of oil. They are spending 20, 30% more than with oil, but they have not stopped spending everything,” Scharf told FOXmo Business’ Tuesday in Mariati.
“If you just look at the health of our customers and the health of the businesses that we serve, across the country, things are looking very good right now,” he continued. “That’s different from markets, right?”
US gasoline prices on Monday exceeded $4 a gallon nationwide, adding pressure to household budgets as oil markets rose due to the ongoing conflict in Iran. Oil markets are particularly concerned about bottlenecks linked to the Strait of Hormuz, a key hub for oil exports, where Iran has blocked traffic, tightening supply expectations.
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More pump gains are possible if unsettled prices continue to rise, analysts say.
Wells Fargo CEO Charlies Scharf joins “Mornings and Maria” for an extensive interview on Tuesday, March 31, 2026. (FOX Business; Getty Images/Leonardo Munoz/VIEWpress)
Meanwhile, investors are reluctant to take any risks as tensions in the Middle East continue, and Reuters reports a decline in “wild” prices and spreads, leaving traders struggling to find buyers.
Scharf acknowledged the sense of “fragility” in the indices, but confirmed that crime remains low and incomes are growing.
“It sounds like there’s a weakness or panic in the markets that you haven’t seen in the economy, which, depending on how long the war lasts, will either be OK or there could be a trigger that could make things a little bit worse,” he said.
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Another concern he has for Main Street America is the Trump administration’s 10% credit card interest rate cap, which he fears could cause “panic” to those in dire need of credit.
“I think the president is right to focus on affordability,” Scharf began. “I personally don’t think that’s the best solution… I’m very concerned about it, is it the right answer for helping Americans in need, and does it really help expand credit or expand limited credit?
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Looking ahead to the rest of the year, Scharf is “very excited” about Wells Fargo’s significant growth, which also includes opportunities in artificial intelligence (AI) infrastructure.
“It’s going to be billions of dollars, maybe $3 [trillion] up to $5 trillion will be needed to build infrastructure,” the CEO said. “Hyperscalers have a huge opportunity. You know, those who control these big language brands that are going to be at the forefront and continue to invest. People will pay for that.”
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FOX Business’ Bradford Betz contributed to this report.
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