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,

Chicago Federal Reserve President Austan Goolsbee, however, pointed out several uncertainties and risks loom on the horizon.

New York Fed President John Williams said he expects inflation to continue cooling toward the central bank’s 2% target this year, adding that he won’t be satisfied until the goal is reached.

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.