Vice President Kamala Harris’ presidential campaign is courting everyday Americans tired of the country’s affordability crisis. But she is winning over some key figures on Wall Street.
Since the whirlwind launch of her presidential campaign after President Joe Biden dropped out of the race in July, Harris has won the support of some prominent Wall Street figures. At times, big business clashed with Biden, whose progressive administration fought mergers and routinely blamed corporate greed for the inflation crisis. So Wall Street’s embrace of Harris, who supported Biden’s policies, was no guarantee.
But such tax cuts could lead to higher deficits, and US corporations would likely pass along those tariff costs to consumers by raising prices, he said — both factors that could push up inflation, an issue that until recently was top of mind for Wall Street. The Federal Reserve began hiking interest rates aggressively more than two years ago from near-zero levels during the Covid pandemic. Annual inflation was running at 9% at its peak in June 2022.
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