Levkovich assesses current market risks.

In a wide-ranging interview on Bloomberg TV's "Street Smart," Citi's Chief U.S. Equity Strategist Tobias Levkovich said his chief concern is the U.S. fiscal position, but sees strengths underpinning markets, including eased credit conditions. "We've surveyed 700-plus public companies in the U.S. -- publicly traded non-financials -- looking at about an 11 percent increase in capital spending this year. That's an acceleration from less than 6 percent last year," he said. "You've got corporate risk-taking coming back. That will turn into jobs as well."