Thanks afternoon crew.
End-of-day summary:
The ASX 200 ended the week pretty much where it started after a rates warning from the US Federal Reserve put an end to Wall Street's best run in two years.
The Australian benchmark reversed 38 points or 0.55% this session. That was enough to leave the index less than two points lower for a week that brought up a fleeting three-week high before today's setback.
The market saw red across all sectors this session. Utilities, energy producers and banks fared worst. Ore miners Fortescue, BHP and Rio Tinto resisted the sell-down.
The outlook for interest rates dictated market direction after the US Federal Reserve warned it was "not confident" it had done enough to tame inflation, and the RBA revised its inflation outlook upwards. The S&P 500 dropped 0.81% overnight to its first loss in nine sessions.
The RBA's quarterly monetary policy outlook issued this morning raised its core inflation forecast to 4% in mid-2024, up from a previous prediction of 3.25%, an acknowledgement that inflation is not falling as fast as the bank had hoped.
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