Federal Reserve Chairman Ben Bernanke’s speech in Jackson Hole today was notable for what it did not contain—a big silly and asset levitating QE3 program—although he did leave that possibility open:

“In addition to refining our forward guidance, the Federal Reserve has a range of tools that could be used to provide additional monetary stimulus. We discussed the relative merits and costs of such tools at our August meeting. We will continue to consider those and other pertinent issues, including of course economic and financial developments, at our meeting in September, which has been scheduled for two days (the 20th and the 21st) instead of one to allow a fuller discussion.for a special two day meeting on September 21st and 22nd.”

What should be emphasized is the following statement:

“…most of the economic policies that support robust economic growth in the long run are outside the province of the central bank.”

Contrary to much chatter, it is not impossible that investors are relieved by the concept that at least someone is stating the obvious: economic growth is achieved by the individual efforts of private citizens unhindered by politically driven and economically inane policies. Monetary policy cannot hold up the world alone.