* Peso steady after lawmakers delay c.bank bill * Analysts divided about Mexico rate cut on Thursday * Eyes on Fed decision due later in the day By Shashank Nayar Dec 16 (Reuters) - Most Latin American currencies traded in a tight range against a weaker dollar on Wednesday as investors awaited the conclusion of a U.S. Federal Reserve policy meeting, while an upbeat global mood lifted stocks in the region. The Mexican peso inched lower after rallying in the previous session to strengthen past the 20-per-dollar barrier as Mexican lawmakers agreed to postpone debating a divisive new central bank law that critics say could force the bank to buy laundered narcotics proceeds. President Andres Manuel Lopez Obrador said that it was a good decision to postpone the bill. All eyes are on the Mexican central bank meeting on Thursday where policymakers are widely expected to leave benchmark interest rates unchanged despite slowing inflation, a Reuters poll showed. A majority of the analysts and economists surveyed said they expect the Bank of Mexico to hold rates steady at 4.25%, but a few expect it to cut rates by 25 basis points. Credit Suisse analyst Alonso Cervera, who expects the bank to cut rates on Thursday, said its recent upward revision to inflation forecasts were "very modest," and that annual inflation will end the year at 3.3% due to unexpectedly benign inflation numbers at year-end. Banxico unexpectedly kept the key rate unchanged at its last monetary policy meeting, citing the need for a "pause" to weigh inflationary pressures. The Brazilian real, the Chilean peso and the Colombian peso edged lower against the dollar, which weakened against a basket of major currencies. U.S. Fed policymakers are expected to keep interest rates near zero at the end of their two-day policy meeting later in the day, and signal the Fed will stay there for years to come, a decision that analysts say will further boost risk sentiment. An index of Latin American stocks rose 0.3%, tracking global stocks as drugmakers rolled out COVID-19 vaccines and U.S. congressional leaders expressed optimism about a coronavirus relief deal. Key Latin American stock indexes and currencies: Latest Daily % change MSCI Emerging Markets 1261.91 0.94 MSCI LatAm 2424.49 0.34 Brazil Bovespa 116223.07 0.06 Mexico IPC 43665.69 0.28 Chile IPSA 4098.80 0.91 Argentina MerVal 53811.24 0.997 Colombia COLCAP 1403.07 -0.35 Currencies Latest Daily % change Brazil real 5.1033 -0.37 Mexico peso 19.9400 -0.26 Chile peso 736.5 -0.08 Colombia peso 3414.56 0.08 Peru sol 3.5887 -0.11 Argentina peso (interbank) 82.6200 -0.10 (Reporting by Shashank Nayar in Bengaluru; editing by Jonathan Oatis)