Global S&P Futures lower in premarket

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Federal Reserve to propose slashing debit card swipe fees - WSJ

October 25, 2023 1:23 PM EDT

The Wall Street Journal reported Wednesday that the Federal Reserve is set to suggest lowering the fees that merchants pay to banks when consumers use debit cards.

The publication said the Fed is proposing the fees be reduced by about 30%. Merchants currently pay large card issuers such as Bank of America and JPMorgan Chase 21 cents plus 0.05% of the transaction amount. This level was... More