Developments in Greece and China bear watching but will have limited or no effect on the U.S. economy or markets, perennial bull Tom Lee said Monday.
Global markets were broadly lower Monday, a day after Greeks voted against a bailout package put forward by Greece's creditors and as Chinese officials took measures to prevent a full-blown stock market crash.
"I think what we're overlooking is that turmoil in Europe has natural buffers in the U.S.," Lee told CNBC's "Squawk on the Street." "I really think that investors who are focused on the U.S. have to tune out some of the short-term noise and realize it's not going to really change things at year end."
Investors seeking relative safety will pile in the United States, strengthening the dollar and bolstering asset flows, said Lee, founder of Fundstrat Global Advisors. The Federal Reserve may also hold off raising its benchmark interest rates due to adverse developments overseas, which would also protect asset prices, he added.
Lee also sees reasons to be optimistic in the U.S. housing market and recent procurement and supply chain data from the Institute for Supply Management. At the same time, easy money policies in Europe and China are creating "positive developments" for pent-up demand and labor markets in the United States, he added. "I think there's an organic recovery now taking place in the U.S."
Jay Bryson, global economist at Wells Fargo Securities, said it was impossible to say with 100 percent confidence the situation in Greece and China would not impact U.S. markets.
"If Greece leaves the euro zone and the euro zone starts to wobble a little bit, that's going to continue to have financial market repercussions around world," he told "Squawk on the Street."
Weakness in China and Europe could potentially slow down U.S. exports and damp down the dollar, he added. "We're in uncharted territory here. There are lots of unknowns out there, lots of moving pieces, and I think investors really need to keep an eye on what's going on here."