Loomis Sayles portfolio manager David Rolley expects the ultimate outcome to be something akin to a bungee jump.

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"The horizon return this year for an American in fixed income with a passive strategy is approximately zero, " says David Rolley, a portfolio manager at Loomis, Sayles in Boston.

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Speaking at a lunch hosted by Natixis Global Asset Management in New York Wednesday, Rolley said he expects to go over the fiscal cliff, but that the impact will likely be tempered by whatever ultimate decisions are made by Congress.

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