The biggest economic risk going forward, as Andrew Slimmon sees it, is "the Fed raising rates too quickly because the economy accelerates."
Speaking Thursday on CNBC's "Power Lunch," Slimmon, a portfolio manager at Morgan Stanley, called this week's testimony from Federal Reserve Chair Janet Yellen "good news" because she emphasized a measured approach by the Fed.
That's also good news for people looking to invest in emerging and international markets, said Shundrawn Thomas, head of funds at Northern Trust, who also appeared on the show.
"We've seen value in moving more international," he said. "What you see is the political position is improved; you've seen the economic situation improving and, most importantly, earnings. You've seen a faster acceleration in earnings revisions, actually, in Europe than even in the U.S."