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The text discusses the economic outlook for the upcoming year, mentioning the difficulty of the current year. The central banks are advised to be cautious, with suggestions for possible action by the Fed. The bond market indicates the Fed's potential success in battling inflation. The text is from a Bloomberg Surveillance segment featuring Tom Keene, Jonathan Ferro, and Lisa Abramowicz. The hosts welcome the audience and express the unique aspect of the holiday season amidst a tumultuous year.