Leading in account that changes of the basic tax of interests have effect on the economic activity and on the inflationary dynamics that if they accumulate throughout the time, the Committee agrees that any additional monetary flexibilizao will have to be implemented in more parsimonious way. The Copom will intently follow the evolution of the prospectivo scene for inflation until its next meeting (in 21 and 22 of July), for then defining the next steps to the strategy of monetary politics, standed out the institution in official official notice. In other words, the BC evaluates that it has space for one aggressive cut because the inflation is inside of the 2009 goal (4.5%) and also for 2010 (also of 4,5%), taking in account the expectations of the analysts heard for the bank in the Focus.Em research a bigger note that the habitual one, the BC remembered that the cut ‘ ‘ it has effect on the economic activity and the inflationary dynamics that if they accumulate throughout tempo’ ‘. With this, ‘ ‘ the Committee affirms that any additional monetary flexibilizao will have more to be implemented in way parcimoniosa’ ‘. in the real life? The impact of the fall of 1,0 percentile point of the basic tax of interests for the consumer must be small. Simulation made for the National Association of the Executives of Finances, Administration and Accounting (Anefac) sample that reduction of the Selic of 10,25% to the year for 9,25% must bring the average tax of charged interests to the natural person of current 133.7% to the year for 131,62% to the year. In accordance with the Anefac, the more expensive modality of credit to the consumer is the personal loan next to financiers, who must fall currently of 259,03% charged to the year for 255,94% after the cut of the Selic. After that, in ranking of the credit most onerous, it appears the front, credit card that must charge 235.01% to the year for the loaned money, current the 237.93%, In accordance with the Anefac, the biggest benefit with the reduction of the Selic comes of the fall of the yield of the banks in treasure-house applications (public headings).