The most common and most likely answer to this crossword clue is the 6 letter word FEDORA
I've seen this crossword clue in The Times
F
E
D
O
R
A
More clues leading to the result FEDORA
- Iron Lady’s felt hat
- Given food — or a hat!
- English girl after fine felt hat
- Fine English girl's hat
- Iron rod upon a hat
- Felt item of clothing; a piece turned over to iron
- Iron Lady displays top fashion
- Cover journalist in public meetings
- Iron road is buckling – it’s a thing which is usually felt
- Spread fear about cheat in a brimmed hat
Buddy explains!

The straight part
We know that "felt hat" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case felt hat = fedora.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
What does FEDORA mean?
FEDORA noun- A felt hat with a fairly low, creased crown with a brim that can be turned up or down.