"We see it fit to temper optimism for now," said Vishnu Varathan of Mizuho Bank in a report.
On Wall Street, futures for the benchmark Standard & Poor's 500 and Dow Jones Industrial Average were up less than 0.1%. On Tuesday, the Dow and Nasdaq both hit record highs.
In Asia, Tokyo's Nikkei 225 gained 0.2% to 23,303.82 and Seoul's Kospi added just under 0.1% to 2,144.15. Hong Kong's Hang Seng was flat at 27,688.64.
The Shanghai Composite Index declined 0.4% to 2,978.60. Sydney's S&P-ASX 200 lost 0.5% to 6,660.20 and India's Sensex was up 0.8% at 40,574.79.
China's central bank helped ease worries about a possible liquidity crunch by trimming its interest rate on a one-year loan by 0.05% to 3.25%.
Analysts said the People's Bank of China was filling demands for credit while keeping financial system risks under control.
"This is a small step towards future policy rate cuts, and it also signals that China's central bank will finally start to follow other central banks in lowering its policy rate," Citigroup economists said in a report.
ENERGY: Benchmark U.S. crude lost 7 cents to $57.16 per barrel in electronic trading on the New York Mercantile Exchange. The contract rose 69 cents on Tuesday. Brent crude, used to price international oils, declined 27 cents to $62.69 per barrel in London. It gained 83 cents the previous session.
CURRENCY: The dollar declined to 109.03 yen from Tuesday's 109.16. The euro gained to $1.1081 from $1.1077.