The Federal Reserve probably won't launch a third round of quantitative easing, or QE3, as a move to speed up economic recovery, says Glenn Hubbard, a Columbia University economist and former chairman of the Council of Economic Advisers.

Quantitative easing is a tool in which the Fed buys assets from banks like Treasurys or other securities in order to pump those banks full of money so they will fuel stronger economic growth.

The Fed, under Chairman Ben Bernanke, recently wrapped up a second round in June, a $600 billion bond buyback that did send stock prices climbing but according to critics, weakened the dollar and pressured inflation rates upward.

Fed Chairman Ben Bernanke (Getty Images photo)

"I'd be very surprised if there was a radical QE3," Hubbard tells CNBC.

"The risk management argument really isn't there. There are data to be learned about the economy. The affect of a QE3 would be relatively modest, and it might risk raising inflationary expectations, so I doubt it."

The economy continues to limp along even though the recession officially ended back in 2009.

The Federal Reserve has said it will likely keep interest rates low through 2013 but that doesn't necessarily mean that QE3 is on the way, says St. Louis Federal Reserve Bank President James Bullard.

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"The most likely outcome for the U.S. economy is still that the economy continues to grow at a moderate pace through the second half of the year," Bullard tells Bloomberg.

A new round of bond purchases "does not follow naturally" from the 2013 pledge, "because I think we have to get more information about how the economy is going to develop in the second half of the year," Bullard says.