Australian investors have welcomed news on possible US interest rate movements. -AAP Image
The Australian share market has finished higher after less hawkish talk than feared from Federal Reserve chairman Jerome Powell, although the gains petered out in the afternoon.
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After rising as much as 0.6 per cent by midday on Thursday, the benchmark S&P/ASX200 index finished just 17.1 points higher, or 0.23 per cent, at 7,587.Â
The broader All Ordinaries rose 17.5 points, or 0.22 per cent, to 7,849.4.
The Fed left US interest rates unchanged at 5.3 per cent overnight, as expected, with Mr Powell telling reporters a rate hike was "unlikely".
But he indicated rate cuts would take longer than many expected at the start of 2024.
"Readings on inflation have come in above expectations," he said.
The Australian dollar gained against its weakening US counterpart, buying 65.45 US cents, from 64.80 US cents at Wednesday's ASX close.
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