Factbox-Highlights of Fed Chair Powell's Jackson Hole speech

investing.com:

(Reuters) — Federal Reserve Chair Jerome Powell on Friday said the central bank may need to lift interest rates further to finish the job of lowering inflation on a sustained basis.

His speech at the annual economic symposium hosted by the Federal Reserve Bank of Kansas City in Jackson Hole, Wyoming, covered an expansive range of topics that are key to the outlook for Fed policy. Here are some highlights from his text:

ECONOMIC GROWTH

"(W)e are attentive to signs that the economy may not be cooling as expected. So far this year, GDP (gross domestic product) growth has come in above expectations and above its longer-run trend, and recent readings on consumer spending have been especially robust. In addition, after decelerating sharply over the past 18 months, the housing sector is showing signs of picking back up. Additional evidence of persistently above-trend growth could put further progress on inflation at risk and could warrant further tightening of monetary policy."

U.S. GDP grew at a stronger-than-expected 2.4% annualized rate in the second quarter, and data received so far in the third quarter suggests that pace may have accelerated. The Atlanta Fed's GDP Now tool is currently tracking growth in the July-through-September period at 5.9%. That is expected to come down as more data comes in but other forecasts, such as the Blue Chip consensus, have also been trending up since the quarter began. The lack of signs of material slowdown has Powell and other Fed officials on alert to take more action if needed.

LABOR MARKET

«The rebalancing of the labor market has continued over the past year but remains incomplete… We expect this labor market rebalancing to continue. Evidence that the tightness in the labor market is