While some experts inside and outside the Federal Reserve are talking about a possible expansion of its quantitative easing program, don’t expect anything at Tuesday’s Federal Open Market Committee (FOMC) meeting, says Deutsche Bank.

In a report obtained by Business Insider, the bank predicts the Fed will keep policy on hold indefinitely.

“The improvement in financial conditions since the June 22-23 FOMC meeting — stock prices are higher, the dollar is lower and various credit spreads are tighter — as well as the fact the recovery is still proceeding — albeit slowly and unevenly — will embolden the Fed to keep policy on its present course,” Deutsche Bank economists write.

So none of the quantitative easing steps that have been suggested will occur, Deutsche says.

The economists don’t see the Fed announcing plans to reinvest maturing mortgage-backed securities back in the market. And they don’t see it cutting the interest rate on bank reserves either, as that would wreak havoc in the money markets.

So what do they expect? “Other than implicitly marking down its near term growth outlook, we expect the tone of the FOMC to not be substantially different than June.”

Goldman Sachs sees things a bit differently on the mortgage-backed securities (MBS) issue.

“While a close call, we think the FOMC will announce that they will reinvest the pay down of MBS in the bond market,” Goldman economists wrote in a note obtained by The Wall Street Journal.