Strategist: Data isn't perfect, but US isn't in a recession

One strategist is maintaining his fairly optimistic outlook despite the looming risks of events in June like a possible British exit from the European Union or a surprise rate hike from the Federal Reserve.

Jonathan Golub, chief U.S. market strategist at RBC Capital Markets, told CNBC's "Squawk on the Street" that while the economic data has not been entirely positive, it doesn't mean that the U.S. economy is doing poorly.

"The economy, as the data's showing, is tepid but absolutely not recessionary," Golub said on Friday.

"I think when you look towards the latter part of the year, you'll see earnings pickup as the headwinds from energy roll away," he added.

Joachim Fels, global economic advisor at Pimco, told "Squawk on the Street" that he isn't as upbeat on the world economy. In particular, Fels sees potential for volatility if the United Kingdom votes to leave the European Union on June 23.

"If they do, it's not going to be pretty, not for the U.K., not for Europe as a whole and certainly not for global financial markets," he said, adding that it "could lead to a global risk off move, so that's why I think there's quite some volatility ahead."

Fels said, however, that his firm has been repositioning into higher quality credit during the recent rally, taking advantage of this "period of a relative calm in financial markets since the February lows."

Fels said that there are other plays in the current market conditions.

"We think that the dollar has probably overshot on the down side, so we think there's going to be some moderate strengthening of the dollar," he added.

RBC's Golub, however, isn't too concerned about the dollar at the moment.

"I think the real big issue with the dollar falling the way that it did is that it bailed out oil, which was very helpful for big chunks of the economy that are dependent on that. It was creating a tremendous amount of stress. That stress is gone," he said.

"I'd love to see interest rates a little higher as a sign of health, but I think that the dollar is nowhere near as much of a concern today as it was 10 weeks ago when it was much stronger," Golub said.