EMERGING MARKETS-Stocks hold on to 7-week lows after Fed minutes

* EM stocks hit lowest since early Jan * 'Almost all' Fed officials backed 25 bps hike - minutes * Latam stocks fall 1.2%, FX up 0.1% (Updates prices, details about Fed minutes) By Amruta Khandekar and Bansari Mayur Kamdar Feb 22 (Reuters) - Emerging market stocks were broadly unchanged as investors assessed the minutes from the U.S. Federal Reserve's latest policy meeting, while Mexico's peso rose ahead of a slew of economic data later in the week. The MSCI's index for emerging markets' equities held on to early losses of 1.3% by 1917 GMT, hitting its lowest since early January. The Fed minutes showed a majority of policymakers agreed at the last policy meeting to slow the pace of interest rate hikes to a quarter of a percentage point, but also agreed the risks of high inflation remained a "key factor" shaping monetary policy and warranted continued rate hikes until it was brought under control. "There is something for everyone in the Fed minutes, with bulls able to point to mostly dovish language and concerns about financial stability and the upcoming debt limit fight, while the bears can point to the continued focus on inflation and no mentions of the word disinflation," said Chris Zaccarelli, Chief Investment Officer for Independent Advisor Alliance. "Clearly the Fed believes the risks are to the upside on inflation and they may not be in any hurry to cut rates." Meanwhile, Latin American stocks slid 1.2%, while currencies inched up 0.1%, erasing some early gains as the dollar firmed. Colombia's peso led gains among regional peers against the dollar, adding 1.3%. Oil exporter Mexico's peso which has been one of the strongest performing currencies in the region this year rose 0.5% against the dollar. Investors wait for data due on Thursday, including inflation figures as well as minutes from the Bank of Mexico's February monetary policy meeting when it raised rates by a greater-than-expected 50 basis points. Another 50 basis point rate hike is likely from the Bank of Mexico next month, said Juan Manuel Herrera, senior economist at Scotiabank, in a note. Mexican stocks slipped 0.3%. Mexico's equity market will maintain its recent upswing as long as corporate "nearshoring" into the country bear fruit in 2023 and offset declining earnings at local firms, a Reuters poll showed. Chile's peso rose 0.4%, snapping a two-day losing streak, while the Peruvian sol rallied 0.9%. The Brazilian real was subdued in a holiday-shortened session while Sao Paulo's stocks fell 2.0%. Brazilian markets were closed since Friday for Carnival. Elsewhere in emerging markets, South Africa's rand strengthened 0.2% after the finance minister said in his 2023 budget speech that the government would take on more than half of embattled state utility Eskom's debt. Key Latin American stock indexes and currencies at 1917 GMT: Stock indexes Latest Daily % change MSCI Emerging Markets 981.87 -1.34 MSCI LatAm 2226.73 -1.25 Brazil Bovespa 107153.84 -1.85 Mexico IPC 53067.96 -0.32 Chile IPSA 5258.32 -0.06 Argentina MerVal 245982.73 -1.204 Colombia COLCAP 1193.81 -0.36 Currencies Latest Daily % change Brazil real 5.1647 -0.09 Mexico peso 18.3600 0.45 Chile peso 798.3 0.41 Colombia peso 4894.7 1.20 Peru sol 3.796 0.67 Argentina peso 194.9500 -0.89 (interbank) Argentina peso 373 1.07 (parallel) (Reporting by Amruta Khandekar and Bansari Mayur Kamdar in Bengaluru; Editing by Andrea Ricci and Tomasz Janowski)