"Right now we see an economy which is expanding. We see employment still growing," Bernanke said. "So, we expect the economy to continue to grow, that's our best forecast as of now. So, we are not expecting a recession."

"That being said, with an economy which is growing only sort of 1-1/2 to 2 percent, that is not fast enough to lower the unemployment rate. That is my concern," he added.