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.

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.

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.

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.

CNBC’s Steve Liesman joins 'Power Lunch' to discuss the takeaways from the Fed's Beige Book Full List of Foods, Drinks That Contain Red Dye 3 After FDA Bans Additive The 25 Roles That Resurrected Actors from Their ‘Flop Eras’ Here's the science behind the Los Angeles wildfires TikTok Plans Immediate US Shutdown on Sunday Dave Ramsey: Here’s What the Poor,

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,