The Australian share market has ended a second consecutive week in the red, with shares stuck in a holding pattern alternating daily between gains and losses.
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The benchmark S&P/ASX200 index fell 63.5 points, or 0.86 per cent, to 7,346.8 on Friday, finishing the week down 1.17 per cent.
The broader All Ordinaries closed 68.5 points lower, or 0.9 per cent, at 7,552.2.
As a relative lull in company reporting descended on the ASX, more speculation over US interest rates drove the market.
Two Fed policymakers overnight made the case for higher interest rate hikes of 50 basis points, as the US Producer Price Index showed wholesale goods prices rose faster than expected in January.
"The jobs data, CPI data and retail sales data this week all cemented the view that the Fed has no choice but to lift up the terminal cash rate," IG markets analyst Hebe Chen said.
"The picture at the end of this week is definitely showing more uncertainty compared to that of two weeks ago."
Domestically, ANZ joined NAB in lifting its terminal cash rate forecast amid more hawkish comments from governor Philip Lowe in front of the House economics committee.
Both predict the Reserve Bank will pause rate rises at 4.1 per cent.
Additionally, several company reports moved the markets this week, Ms Chen said.
JB Hi-Fi on Monday foreshadowed a slowdown in retail sales, while CBA and Fortescue on Wednesday conjured ill omens for the financial and mining sectors, respectively.
Investors are looking ahead to week four of earnings season, with Australia's biggest company, BHP, due to report on Tuesday.
Nine of the ASX's 11 sectors finished lower on Friday. Tech was the hardest hit, falling 2.2 per cent.
Xero was down 5.6 per cent, Afterpay owner Block dropped 7.8 per cent, and WiseTech Global was down 3.6 per cent as it announced the $603 million acquisition of intermodal rail solutions provider Blume Global.
Blume's acquisition integrates rail into Wisetech's landside logistics offering in North America, "the most complex and largest logistics region in the world", CEO Richard White said.
Utilities were the biggest winners of the day, led by electricity generator Origin, up 1.7 per cent to $7.00.
Consumer staples also finished up, boosted by A2 Milk, which climbed 6.3 per cent to $7.10 as it closes in on approval to sell infant formula in China.
Of the big banks, NAB was the worst performer, down 2.2 per cent to $29.85.
Westpac climbed 0.1 per cent to $22.78, while CBA fell 0.5 per cent to $100.99 and ANZ was one per cent lower at $24.67.
Insurer QBE jumped 7.4 per cent to a near three-year high of $14.39 after announcing a 5.0 per cent increase in its full-year cash profit to $847m.
"While the operating backdrop has been marked by a number of challenges for the industry, QBE is demonstrating improved resilience," group CEO Andrew Horton said.
The heavyweight mining sector fell 0.7 per cent, with Rio Tinto the only notable name in the green, up 0.5 per cent to $124.26.
BHP and Fortescue were down 0.3 per cent to $48.00 and $22.26, respectively, while goldminer Newcrest fell 1.4 per cent and mineral sands producer Iluka was down two per cent.
Of the handful of companies reporting on Friday, Baby Bunting fared the worst, down 6.1 per cent to $2.31, after chief executive Matt Spencer announced his departure at the end of the year.
"He has successfully executed on the company's strategy that has seen it grow to be the leading nursery goods retailer in Australia and has laid out a vision for Baby Bunting's growth here and overseas," extolled chair Melanie Wilson.
Chicken grower Inghams also fell, down 0.4 per cent to $2.74, after reporting a paltry net profit of $17.2m, as lower rooster fertility limited meat supplies.
The Australian dollar was buying 68.45 US cents, from 69.19 at Thursday's ASX close.
ON THE ASX:
* The benchmark S&P/ASX200 index finished Friday down 63.5 points, or0.86 per cent, at 7,346.8.
* The broader All Ordinaries dropped 68.5 points, or 0.9 per cent, to 7,552.2.
CURRENCY SNAPSHOT:
One Australian dollar buys:
* 69.12 US cents, from 69.19 US cents at Thursday's ASX close
* 92.20 Japanese yen, from 92.57 Japanese yen
* 64.33 Euro cents, from 64.59 Euro cents
* 57.26 British pence, from 57.42 pence
* 110.00 NZ cents, from 109.79 NZ cents.