Asia-Pacific markets gave up earlier gains to trade mostly lower Thursday, following the Federal Reserve's third rate cut of the year.

The U.S central bank reduced the Federal Funds rate by 25 basis points to 3.5%-3.75%, and signaled that it was done easing for now.

Fed Chair Jerome Powell said at his post-meeting news conference that the reduction puts the Fed in a comfortable position as far as rates go.

"We are well-positioned to wait and see how the economy evolves," Powell said, while noting that President Donald Trump's tariffs had fueled inflation.

The U.S. dollar index fell as much as 98.54 on Thursday, marking its weakest level since Oct. 21.

Japan's Nikkei 225 started the day in positive territory, but fell 0.91%. The Topix was also down 0.74%.

South Korea's Kos

See Full Page