The monetary policy committee of the central bank of Brazil has cut its benchmark Selic interest rate to 7.5 percent, Reuters reports.

The news agency says the committee is still recommending a moderate slowing of the pace of its monetary easing.

The report says analysts infer from this that the bank will cut the rate to 7.0 percent, its lowest ever, in December.

“Whether the bank cuts the Selic below 7 percent will depend on the short-term outlook, which seems relatively benign from our standpoint,” Reuters quotes a Santander Brasil economist, Luciano Sobral, as saying.