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ASX loses steam ahead of Fed meeting

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The Australian stock exchange has edged lower ahead of a key Federal Reserve meeting, where the US central bank is widely expected to raise interest rates for the second time since 2018.

The benchmark S&P/ASX200 index faded in the afternoon to close down 11.5 points, or 0.16 per cent, to 7,304.7.

The broader All Ordinaries finished on Wednesday down 22.8 points, or 0.3 per cent, to 7,564.8.

The Aussie dollar was buying 71.16 US cents, from 70.88 cents at the close of the market on Tuesday.

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