The Copom released the following note to the public:
"The Copom considers that, at this moment, the risks for the inflation path remain limited. The Committee also notes that, up to now, given the fragility of the global economy, the contribution of the external sector has been disinflationary.
Therefore, continuing the adjustment process of monetary conditions, the Copom decided to reduce the Selic rate to 8.50 percent p.a., without bias.
The following members of the Committee voted for the reduction of the Selic rate to 8.50 percent p.a.: Alexandre Antonio Tombini, Governor, Aldo Luiz Mendes, Altamir Lopes, Anthero de Moraes Meirelles, Carlos Hamilton Vasconcelos Araújo, Luiz Awazu Pereira da Silva and Sidnei Corrêa Marques."
The May Copom Minutes will be released in Portuguese next Friday, June 8.