In the face of fears that the U.S. economy's growth spurt may be temporary, White House economic advisor Larry Kudlow said there's little chance of a recession anytime soon.

Wall Street has been worried that the bond market, via a narrowing of the difference in yields for the 2-year and 10-year notes, is signaling an economic downturn.

But Kudlow, director of the National Economic Council, said those fears are misplaced.

There is "no recession in sight right now," Kudlow said Wednesday at the Delivering Alpha conference, presented by CNBC and Institutional Investor.

The spread between the two government debt instruments has plunged to about a quarter point, or 25 basis points. Some economists say that when the short-term yield exceeds its longer-term counterpart, that means a recession is coming, probably within a year. An "inverted yield curve" has foretold each of the past seven recessions.

However, Kudlow, citing a New York Fed study reported on CNBC.com, said investors are looking at the wrong relationship. Instead, they should focus on the difference between the 10-year note and the three-month bill. That gap is about 84 basis points.

"Don't be gloomy and doomy in an overboard sense," Kudlow said. "The American economy is in good shape."