* Colombian peso sinks after c.bank flags risk premium * Brazil"s real recovers from 6-month low hit in October * Emerging market FX pares some losses after Fed statement (Adds details, updates prices) By Ambar Warrick Nov 3 (Reuters) - Brazil"s real rose sharply on Wednesday as central bank comments suggested sharp interest rate hikes in the near future, while Colombia"s peso fell on growing concerns over financial risks. Most other emerging market currencies pared early losses, trading flat as the Federal Reserve outlined plans to begin trimming its monthly bond purchases in November. The Brazilian real jumped 1.6% after sinking to a six-month low last month on concerns over rising inflation and stretched fiscal spending. Minutes from the Brazilian central bank"s last meeting showed the bank had been considering an even larger rate hike than the 150-basis point increase last week, underscoring an aggressive response to soaring inflation. Rising inflation has been a recurring theme across most economies during the post-COVID-19 recovery, although the Fed has maintained a view that it would be transitory. Still, investors began penciling in a rate hike by as soon as July 2022. The dollar retreated after the Fed"s statement, while Treasury yields rose. "The market was extremely long dollars going into this and they still are... now that the facts are out, we can take some profits," said Scott Petruska, chief currency strategist, Silicon Valley Bank, Boston. "Over the rest of the next quarter, I still like the dollar, even though it’s reversed its uptrend, there are still lots of things that have been driving the dollar that remain intact." Colombia"s peso fell 0.9%, the most among its regional peers, after the central bank said the country"s risk premium will rise this year and next to above its average for the last 15 years. The rise comes despite a rise in Colombia"s GDP, as macroeconomic imbalances and international disruptions weigh. Peru"s sol appeared to have ended recent losses, falling slightly after the Ministry of Energy and Mines said a rural community would lift a blockade at the country"s largest copper mine, Antamina, which had rattled markets. Elsewhere, Poland"s zloty rose sharply after the central bank delivered its biggest rate hike since 2000 and hinted at further tightening as emerging Europe"s largest economy grapples with its highest inflation in two decades. The hike underscores hawkish signals from across emerging markets as they move to contain a recent spike in inflation. Key Latin American stock indexes and currencies: Latest Daily % change MSCI Emerging Markets 1264.18 0.02 MSCI LatAm 2155.48 1.4 Brazil Bovespa 105803.98 0.24 Mexico IPC 51899.94 0.48 Chile IPSA 4308.72 2.41 Argentina MerVal 90866.86 1.785 Colombia COLCAP 1396.76 0.45 Currencies Latest Daily % change Brazil real 5.5835 1.56 Mexico peso 20.6593 0.57 Chile peso 812.6 -0.04 Colombia peso 3831.48 -0.91 Peru sol 4.0039 -0.07 Argentina peso 99.9100 -0.03 (interbank) (Reporting by Ambar Warrick; editing by Jonathan Oatis and Alexander Smith)