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,

Inflation is proving stickier than expected, which could cause Fed to hit pause button on more interest rate cuts.

The non-deliverable forwards indicated that the Indian rupee is unlikely to recover more on Thursday despite renewed hopes that the U.S. Federal Reserve may cut interest rates this quarter.

Consumer Price Index showed an acceleration to 2.9%, the highest rate since July. With such high inflation, the Fed is unlikely to cut rates in January.

In the wake of Wednesday's official report on consumer prices, three officials who set the nation's monetary policy said they're confident the inflation rate will someday fall to typical pre-pandemic levels.

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.

A clutch of Federal Reserve officials on Wednesday welcomed fresh data showing a crucial gauge of consumer prices in December rose less than expected, giving them confidence inflation would continue to ebb.