As the second round of quantitative easing (QE2) -- the Federal Reserve's program of buying longer-term Treasuries -- hums along in the early stages of its program schedule, the key question remains the same: did it work?

Of course it worked, said David Tepper, the billionaire hedge fund manager of Appaloosa Management, on CNBC.

Tepper said bond yields at every point, i.e. Treasuries of all maturities, are lower than they otherwise would be.

He may have been responding to critics who alleged that because yields are actually higher than they were before QE2 officially began, QE2 therefore failed in its objective.

Tepper countered that QE2 doesn't hold down yields at the historically-low pre-QE2 levels forever; it just makes them rise slower than they otherwise would have.

A CNBC news anchor asked him whether there will be a price to pay later down the road, i.e. a dollar crisis or the detrimental effect of higher commodities prices.

Critics say that QE2, which they refer to as 'money-printing,' will cause all of these problems.

However, Tepper shrugged off the doomsday concerns.

He added that since QE2 began, the U.S. dollar actually hasn't depreciated in value.