* Minutes show Fed open to future taper talks * Colombian also among top decliners * Mexican peso reverses early gains (Adds details, comments; updates prices throughout) By Ambar Warrick and Shreyashi Sanyal May 19 (Reuters) - The Brazilian real led declines among Latin American currencies on Wednesday against a strengthening dollar after minutes of the Federal Reserve"s last meeting showed the U.S. central bank might be open to talks of tapering stimulus in the future. The real fell about 1.1%, while the MSCI"s index of Latam currencies dropped 0.8%, after several members of the U.S. Federal Open Market Committee (FOMC) said that should the economic recovery continue to gain momentum, it would be appropriate "at some point" to discuss tightening its accommodative policy, giving the greenback a boost. "The sell-off also reflects growing investor unease about inflation and whether it would warrant the Fed to act to rein it in earlier than expected," said Anu Gaggar, senior global investment analyst at Commonwealth Financial Network. Expectations of higher inflation, particularly in the developed world, have pressured risk-driven assets. "With some exceptions, EM FX has typically not enjoyed rising U.S. inflation and especially not high inflation regimes," analysts at Deutsche Bank said. "From a growth perspective, Q2 and Q3 outturns will flatter emerging markets due to base effects from last year but there remain doubts about the persistence of the recovery due to a lagging vaccination roll-out, fiscal tightening and slowing Chinese demand." Colombia"s peso was also among the top losers in Latam, falling 0.7% from a nearly one-month high in tandem with losses in the crude market. Violent, sometimes fatal anti-government protests in the country have weighed on its outlook, while the scrapping of a proposed tax reform has raised the possibility of a credit downgrade for the country"s debt, to junk levels. Chile"s peso shed 0.1% as copper prices fell further from record highs. The peso has come under pressure from concerns over radical, market-unfriendly legislature, after Chile"s ruling party failed to secure a majority in the body that will draft a new Chilean constitution. Mexico"s peso reversed gains earlier in the session to fall 0.6%. President Andres Manuel Lopez Obrador said he was confident the central bank will act to control inflation, which rose in April to its highest level since Dec. 2017. The Mexican central bank held interest rates steady at a meeting last week, but sparked speculation over future hikes as inflation heats up in the country. Investors were also watching talks between the United States, Canada and Mexico on the new North American trade deal. Latam stocks fell in early trade, with the MSCI"s index of regional equities falling 1.7%. Key Latin American stock indexes and currencies: Stock indexes Latest Daily % change MSCI Emerging Markets 1326.23 -0.52 MSCI LatAm 2467.06 -1.66 Brazil Bovespa 122469.44 -0.42 Mexico IPC 49349.00 -0.88 Chile IPSA 4024.44 -2.88 Argentina MerVal 55891.95 -0.333 Colombia COLCAP 1265.64 -0.2 Currencies Latest Daily % change Brazil real 5.3151 -1.14 Mexico peso 19.9418 -0.55 Chile peso 714.4 -0.14 Colombia peso 3683.45 -0.87 Peru sol 3.74 -0.13 Argentina peso (interbank) 94.2000 -0.03 Argentina peso (parallel) 153 1.96 (Reporting by Ambar Warrick and Shreyashi Sanyal in Bengaluru; Editing by Barbara Lewis and Richard Chang) Our Standards: The Thomson Reuters Trust Principles.