by Daniel Costello

Fed Chairman Ben Bernanke spoke in New York this afternoon and had an upbeat take on the economy — with just a few small caveats.

Bernanke said high unemployment, a bad commercial real estate market and tight credit will limit economic growth through 2010, as will a still weak job market. He added sharp gains in business productivity aren't likely to be sustainable.

Although he says future setbacks are "possible," Bernanke dismissed worries about another recession and partly played down concerns about the falling dollar, although he added the greenback's decline could put pressure on the central bank to raise interest rates if the trend worsens. One factor most likely to help the economy in the coming months, he says: rebounding economies in Asia and Europe.

Here's the full speech.