Australian dollar and Wall St surge after Federal Reserve keeps interest rates steady

The Australian dollar has surged to its two-month high, as the greenback weakened after the US Federal Reserve decided keep interest rates on hold. 

Instead of aiming for "further gradual increases" in rates, the Fed said it would "be patient as it determines what future adjustments to the target range" — which suggests the central bank may not raise borrowing costs in the foreseeable future. 

ABC's Peter Ryan analyses the Fed's decision.