In addition to what others have posted, think of the transformer inrush, which will be more than your FLA. Your conductor should be sized to handle your inrush current. Otherwise, you may damage your conductor the first time you energize the transformer. Also, if your conductor is undersized for the inrush current, even if it can withstand the current for that short period of time, too much cycling of this kind can cause eventual failure.
I definitely agree with Marmite. From a safety perspective, it is minimally more expensive to oversize the conductor.
I don't remember the NEC saying that conductors have to be oversized for the current, with the exception of applying correction factors. Article 310 says that conductors must be sized for the maximum current they will carry. I remember that breakers, unless they are rated as continuous current capable, must be rated at 125% of the maximum load current. Is this what you were thinking of?