No, less reactive than the effective emitter resistance of the transistor.
The effective emitter resistance in ohms is about Re = 25/Ie, where Ie is transistor emitter current in milliamperes. Assuming the base drive is low impedance, pick a low-frequency cutoff point Fc, 20 Hz or whatever, and calculate C = 1 / (2*pi*Fc*Re) C in farads.
If the base drive is not low impedance, it's a little more complex, and you can tolerate a smaller cap.
John