Harris reacts to Fed rate cut: 'I know prices are still too high'

Vice President Kamala Harris, the 2024 Democratic presidential nominee, said the Federal Reserve's rate cut on Wednesday is "welcome news" for Americans but that "prices are still too high"

The Fed reduced interest rates by a half-point on Wednesday, which was the first rate cut since 2020 during the COVID pandemic. 

“While this announcement is welcome news for Americans who have borne the brunt of high prices, my focus is on the work ahead to keep bringing prices down. I know prices are still too high for many middle class and working families, and my top priority as President will be to lower the costs of everyday needs like health care, housing, and groceries," Harris said in a statement released on Wednesday.

"That is why I am proposing plans to cut taxes for more than 100 million working and middle-class Americans, pass the first-ever federal ban on corporate price gouging on food and groceries, and make housing more affordable by building 3 million new homes and giving more Americans down payment assistance," she added.

Harris criticized her opponent, former President Trump, arguing that he would provide further tax cuts for corporations and try to repeal the Inflation Reduction Act that "caps the costs of prescription drugs for seniors."

During a live interview on Tuesday, Harris touted her plan to provide first-time homebuyers with $25,000 in downpayment assistance as a way to create an "opportunity economy."