The S&P/ASX 200 inched cautiously higher on Friday, as US Federal Reserve officials revived fears of a global recession after reminding financial markets that interest rates would have to go a lot higher to tame inflation.

The S&P/ASX 200 edged up 0.2 per cent, or 16.1 points, to 7151.8, but lost 0.1 per cent for the week. It climbed to a five-month high on Monday.