Here’s what would make me bearish: Economist

Global headwinds will highlight improvements in the U.S. domestic economy, Wells Fargo's chief economist, John Silvia, said Wednesday.

"People will focus on consumer discretionary spending," he told CNBC's "Worldwide Exchange," adding the story is "job growth, better wages and salaries, and improving consumer confidence."

As for the Federal Reserve, Silvia believes overseas risk will keep the U.S. central bank from increasing interest rates once a quarter. "I don't buy the four rate hikes; I think that's way too aggressive," he said.

Silvia is positive on U.S. equities for 2016, and said it would take a confluence of things to change his mind such as no further improvement in Europe, monetary easing in Japan not working, or North Korea getting even bolder.

Regardless, Silvia said global factors won't shift out of focus anytime soon, at least until the U.S. elections are center stage.