Wells Fargo CEO Charlie Scharf said Monday that lowering interest rates now, before there is clarity about a potential end to the Iran conflict, would ‌be "the wrong thing to do."

"Until ​it's clear what the end is in sight, there's real risk out there," ⁠Scharf said, adding that there seems to ​be a consensus about waiting to see how the ⁠Iran conflict will play out.

At an event at the Economic Club of Washington, Scharf said the conflict had so ‌far little effect on the U.S. ​economy, that continues to ‌be strong despite volatility in financial markets.

The Wells Fargo ‌CEO said the U.S. consumer is still increasing spending, from 5 to 7% over the ⁠same period a year ago. ‌The higher ⁠expenses with gas are resulting in adjustments in other categories, ⁠he ⁠said.

The effect may be bigger if the conflict takes longer. "If this ‌goes on for a longer period of time, it can be damaging," the CEO said.

Scharf does not ‌see ​a systemic risk ‌in losses with private credit and added it would be natural that some portfolios ​could be more affected by the credit cycle.