NEW YORK (CNN/Money) - In the fantasies of badly burnt bond investors, the speech Fed Chairman Alan Greenspan gives in Jackson Hole on Friday changes history.

He gets up to the podium, the Tetons glinting in the background, some elk idly grazing off to his right, and, in words so concise that nobody can misinterpret what he is saying, he gives a speech that makes the crowd of movers and shakers that have gathered for the Kansas City Fed's annual symposium quickly forget their hangovers.

In an effort to ensure recovery and spare the economy from the possibility of deflation, the Federal Reserve will adopt an inflation target, and until that target is reached the Fed will not hike rates. And because inflation is so darn tame, and doesn't look like it will meaningfully accelerate for some time, market expectations for a hike by March will quickly dissipate.

Treasurys will rally, and as their yields fall, so too will the rates on mortgages and the yields on corporate bonds. As a result, households and corporations will keep getting the easy capital that helped push the economy higher in the first half of this year. A new age of prosperity will follow.

Then Greenspan and Fed Governor Ben Bernanke will share a kiss that will put Madonna and Britney's to shame.

Nope, this just doesn't seem likely at all. Even though there are a number of voices (Goldman Sachs economist Bill Dudley, Morgan Stanley economist Richard Berner and Pimco managing director Paul McCulley, to rattle off a few) calling for some sort of inflation target, and even though Bernanke seems to be agitating for one, the Fed wants to keep the free hand it needs to do what it pleases.

"In all their recent speeches, Fed officials certainly haven't given up any flexibility at all," said Credit Suisse First Boston bond market strategist Mike Cloherty. "For them to do something where they give up a tremendous amount of flexibility would be a big surprise."

It would be especially surprising given what's going on in the economy. Thursday the Commerce Department ratcheted up its read on gross domestic product growth in the second quarter to 3.1 percent and most economists see the economy growing at better than 4 percent for the rest of the year.

Still, plenty of people that would normally be spending the Friday before Labor Day letting the surf gently caress their toes will be at the office instead. The headline on the speech, "Monetary Policy and Uncertainty," does give Greenspan the opportunity to offer some clarity on the Fed's plans.

It's been more than a month since Greenspan last put in an appearance. In the interim, Cloherty points out, there's been plenty of confusion in the bond market, with the yield on the 10-year note jumping from 3.96 percent to 4.42 percent. Greenspan may want to try to settle some of the bond market's worries. Without saying anything that's all that concrete, of course.