Federal Reserve Chairman Ben Bernanke said Friday that the U.S. economy and financial system are still struggling to recover from the financial crisis and said the Fed is working hard to prevent future crises by identifying and curbing various "vulnerabilities."

In particular, he said the Fed is watching for "excessive risk- taking" in a "reach for yield" in asset markets, although he gave no indication that he sees any new asset bubbles or other serious imbalances developing at this time.

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