Economic activity increased “slightly to moderately” across the US in late November and December, supported by strong holiday sales, the Federal Reserve said in its Beige Book survey of regional business contacts.

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The U.S. economy grew slightly to moderately since late November, up from slight growth in its previous assessment, the Federal Reserve said on Wednesday in its latest Beige Book report. All 12 Fed districts reported at least some growth,

Federal Reserve Bank of New York President John Williams voiced confidence that inflation would continue to recede after a report on consumer prices came in better than expected, without offering any hints on the timing of additional interest-rate cuts.

The economy is in a very good place and has returned to balance, as have the risks to the two sides of our mandate,” Williams said.