Investing.com -- Wells Fargo CEO Charlie Scharf said on Monday that lowering interest rates before clarity emerges 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 is a clear consensus supporting this view.

The Wells Fargo CEO said the U.S. consumer continues to increase spending despite higher gas expenses.

Scharf also addressed the independence of the Federal Reserve, calling it "critically important."

On private credit markets, Scharf said he does not believe the sector will crumble and stated that private credit does not represent a systemic risk. He added that private credit risk is not comparable to what occurred during the financial crisis.