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(Reuters) - Here are key quotes from Federal Reserve Chair Jerome Powell's speech on Friday to the Kansas City Fed's annual economic conference in Jackson Hole, Wyoming:

POLICY: "The time has come for policy to adjust. The direction of travel is clear, and the timing and pace of rate cuts will depend on incoming data, the evolving outlook, and the balance of risks."

INFLATION: "My confidence has grown that inflation is on a sustainable path back to 2 percent."

EMPLOYMENT: "It seems unlikely that the labor market will be a source of elevated inflationary pressures anytime soon. We do not seek or welcome further cooling in labor market conditions."

BALANCE OF RISKS: "But the inflation and labor market data show an evolving situation. The upside risks to inflation have diminished. And the downside risks to employment have increased."

EMPHASIS: "We will do everything we can to support a strong labor market as we make further progress toward price stability."