I wrote yesterday about what I see as the two major domestic risks to the U.S. economic recovery, neither of which is worth worrying about too much. The two immediate risks we should be thinking about originate outside the U.S.: the standoff between Germany and Greece, and the confrontation between Europe and Russia.

When I give talks or interviews, I’m often perceived as bullish on the U.S. recovery. In my own view, though, I’m neither bullish nor bearish, but simply driven by the data.

Others see it differently, especially when it comes to the employment story. Just this past week, the chairman of Gallup wrote a column titled “The Big Lie: 5.6% Unemployment.” After seeing that piece, several readers reached out to question what they see as my optimism, asking, in effect, Really? Can things really be that good?

Learn why I told CNBC Worldwide Exchange that I think the Federal Reserve is likely to start raising short-term rates in June in an interview today, February 3. 

In light of this morning’s somewhat disappointing U.S. growth number—2.6 percent for the fourth quarter of last year—I expect we’re in for another round of economic doomsaying. Before we get too upset, though, it’s worth looking at the fourth-quarter GDP number in a bit more depth.

Between oil prices, the Greek election, and everything else, quite a bit has happened around the world over the past several weeks. Let’s take a look at five recent events and what they might mean for the U.S. economy.

Europe just got quite a bit more uncertain. The election in Greece over the weekend brought to power the Syriza party, which has vowed to challenge the existing Greek financial bailout, an implicit threat to the current economic consensus throughout Europe.

The top story yesterday, at least in financial and investing circles, was the European Central Bank's decision to launch its own version of quantitative easing (QE). In short, the central bank will buy bonds in order to force down interest rates and encourage business investment and consumer spending.

The December jobs report came in this morning, with very good results overall.

• The total number of jobs was up by 252,000, beating expectations of 240,000.
• This continues the streak of months with 200,000-plus jobs created, the longest since the mid-1990s.

I wrote yesterday that lower interest rates and oil prices shouldn’t be a major problem here in the U.S. But the rates, at least, could be symptomatic of real problems in Europe and Japan.

With the recent report that consumer price inflation dropped below 0 percent for the eurozone, it’s worth taking a closer look at what Europe is facing, and what lower interest rates there mean.

I’m a big believer in the lessons of history and, as regular readers know, always deeply skeptical of claims that “things are different this time.” So I can appreciate the arguments we’re hearing today that falling oil prices and interest rates signal trouble ahead.

I'm just not sure the U.S. is in a position to worry.