Fed policymakers cannot afford to keep their "powder dry" and wait for potential economic problems to materialize, New York Fed President John Williams said at a central banking conference.

The local share price index futures rose 0.2pc, or 16 points, to 6,594 points - a 55.1-point discount to the underlying S&P/ASX 200 index's close.

The benchmark fell 0.4pc on Thursday.

New Zealand's benchmark S&P/NZX 50 index dipped 0.03pc in early trade.