(Reuters) - The U.S. Federal Reserve should raise interest rates in a cautious and patient manner, Federal Reserve Governor Jerome Powell said on Friday.

"We should be on a program of gradual rate increases," Powell said in an interview with Bloomberg Television from Jackson Hole, Wyoming, where many of the world's top central bankers have gathered for a conference.

"We can afford to be patient but ... when we see progress toward 2 percent inflation and a tightening in the labor market and growth strong enough to support all that, we should take the opportunity," he said.

Earlier on Friday, Fed Chair Janet Yellen said in a speech in Jackson Hole that the case for a U.S. interest rate hike has strengthened in recent months.

(Reporting by Lindsay Dunsmuir; Editing by Editing by Paul Simao)