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Volpert: Diminishing Returns From Fed Action

Ken Volpert, head of Vanguard's Taxable Bond Group argues that the Fed's earlier stimulus efforts were much more effective than "QE3" is going to be, and also discusses why we're likely to go over the fiscal cliff--for a little while.

Tim Strauts: I'm Tim Strauts. Today I'm here with Ken Volpert, head of Vanguard's Taxable Bond Group. We're here at the Morningstar ETF Invest Conference.

Thanks for being here, Ken.