By Shashwat Chauhan

March 18 (Reuters) - Most Latin American currencies and stocks slipped on Tuesday, with the focus on a series of interest rate decisions across the world, including in Brazil, Chile and the United States later this week.

Colombia's peso COP= weakened 1.7% after local media reported that Finance Minister Diego Guevara is set to leave his role amid disagreements with President Gustavo Petro. The Finance Ministry said it had no information to that effect.

Mexico's peso MXN= eased 0.5% to trade at more than 20 pesos to the U.S. dollar, while Brazil's real BRL= fell 0.1%, its first loss in three sessions.

Brazil's central bank is widely expected to hike its benchmark lending rate on Wednesday, bringing the Selic rate to 14.25%.

Chile's central bank is also set to announce its rate verdict this week, with the consensus expectation of a hold at 5%.

On Tuesday, official data released by the central bank showed Chile's economy slowed in the fourth quarter of 2024 from the previous three months. But it gained steam compared to a year earlier and full-year growth exceeded official estimates.

The Fed's interest rate decision on Wednesday will be in the spotlight later on, with markets widely expecting the central bank to hold its rate steady. However, recent uncertainty around U.S. trade policies and fears of an economic slowdown have led to markets pricing in greater policy easing by year-end.

"The status quo since December has been justified by the lack of visibility and high level of unpredictability regarding Trump's agenda," said Kevin Thozet, a member of the investment committee at Carmignac, referring to the U.S. president.

"Little progress has been made on this front, quite the opposite, with the level of economic uncertainty having increased threefold since the last policy meeting."

Jitters around U.S. trade policy have rattled markets, with the dollar dipping against most developed market peers. Latin American currencies - including Mexico's - have cashed in on the greenback's weakness.

Mexico's peso in particular saw heavy volatility amid the tariff headlines. Earlier this month, Trump exempted goods from Canada and Mexico under a North American trade pact from his 25% tariffs, with the exception set to expire on April 2.

MSCI's index for Latin American stocks .MILA00000PUS fell 0.2% on Tuesday, though it was still up more than 14% for the year. It has far outperformed the U.S. S&P 500 .SPX, which has fallen more than 4% this year and slipped into a technical correction last week.

Shares of meat-packer JBS JBSS3.SA were a standout, up 14.1% after the controlling shareholder of the Brazilian company and government investment vehicle BNDESPar, the second-largest shareholder in JBS, signed a deal that puts the company closer to listing its shares in both the United States and Brazil.

Israel's currency fell alongside its bonds and stock market as a wave of deadly airstrikes by its military in Gaza threatened the collapse of an already fragile two-month ceasefire with Hamas.

Talks between U.S. President Donald Trump and Russian President Vladimir Putin were scheduled, in which Trump is expected to push Putin to accept a ceasefire in Russia's war with Ukraine and move toward a more permanent end to the three-year conflict.

HIGHLIGHTS

** Peru declares emergency as crime wave grips capital, singer shot dead

** Angola central bank keeps main interest rate at 19.50%

** Trump faces court deadline to explain deportation of Venezuelans

Key Latin American stock indexes and currencies:

(Reporting by Shashwat Chauhan in Bengaluru; Editing by Rod Nickel)

((Shashwat.Chauhan@thomsonreuters.com;))