Dennis Gartman, the publisher of "The Gartman Letter," told CNBC he expects U.S. and European consumers are likely to curb spending amid intensifying terrorism fears.

"If you don't believe consumers are going to shut down spending, at least at the margins, you're naive. Of course they are," The Gartman Letter founder Dennis Gartman told CNBC.

"Even down in Virginia, where I live, you can sense people are very disconcerted about what happened."

Gartman said he was "befuddled, amazed, stunned" that stock markets moved higher following last week's attacks in Paris. What is clear, he said, is the events are detrimental to the European economy, and that euro parity with the dollar is not far away, CNBC reported.

But others see only a temporary setback.

Richmond Fed President Jeffrey Lacker said any economic impact of the Paris terror attacks would likely be temporary.

"We've been through episodes like this before in which some disruption of a certain geopolitical or military nature affects things. For a time people can get cautious and pull back a little bit. These tend to be transitory," Lacker told CNBC.

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