ECB Set To Hold Rates Despite Rising Inflation As Growth Concerns Mount
/*jshint esversion: 6 */
var socket;
var assigned_server = 3001;
var distributor_server = 3010;
var publisher_channel = '';
var broadcaster_channel = '';
var remote_ip = '';
var session_info = {};
var logging_interval;
var logging_interval_time = 120000;
var socket_emits = 0;
var session_start_time;
var reconnectionDelayGrowFactor = 1.2;
var reconnection_delay = 1000;
var playing = false;
var connected_to_assigned = false;
var socket_close_timeout;
var player_disconnected_annoucement_play_delay = 1500;
var player_disconnected_annoucement_play_timeout = null;
const TOKEN_ENDPOINT = "https://www.livesquawk.com/api/get_token.php";
self.onmessage = function (msg) {
switch(msg.data.action) {
case 'Reactivate': reactivate(); break;
case 'ConnectDistributor': connect_to_distributor(msg); break;
case 'SessionStaticInfo': session_static_info(msg); break;
case 'SessionInfo': update_session_info(msg.data); break;
case 'PauseLogging': clearTimeout(logging_interval); break;
case 'RestartLogging': postMessage({action: 'RequestSessionStaticInfo' }); break;
case 'JoinPublisherChannel': join_publisher_channel(msg.data); break;
case 'JoinPlayerChannel': join_player_channel(msg.data); break;
case 'CheckChannelStatus': check_channel_status(msg.data); break;
case 'PlayerLogResponse': player_log_response(msg.data); break;
case 'CloseSocket': close_socket(); break;
case 'RequestMessageSearch': request_message_search(msg.data); break;
case 'RequestMoreMessages': request_more_messages(msg.data); break;
case 'PlayerDisconnectedAnnoucementTimeoutStart': player_disconnected_annoucement_timeout_start(); break;
case 'PlayerDisconnectedAnnoucementTimeoutClear': player_disconnected_annoucement_timeout_clear(); break;
case 'GetConnectionState': checkSocketConnectionState(); break;
}
};
function player_disconnected_annoucement_timeout_clear() {
clearTimeout(player_disconnected_annoucement_play_timeout);
player_disconnected_annoucement_play_timeout = null;
}
function player_disconnected_annoucement_timeout_start() {
player_disconnected_annoucement_play_timeout = setTimeout(function() { send_play_disconnect_annoucement(); }, player_disconnected_annoucement_play_delay );
}
function send_play_disconnect_annoucement() {
postMessage({action: "PlayDisconnectAnnoucement"});
}
function reactivate() {
playing = false;
connect_to_assigned_server();
}
function player_log_response(data) {
var data_array = {};
data_array.type = 'PlayerLogResponse';
data_array.respond_to_socket_final = data.respond_to_socket_final;
data_array.respond_to_socket = data.respond_to_socket;
data_array.player_socket_id = data.player_socket_id;
data_array.logs = data.logs;
var msg_string = JSON.stringify(data_array);
if (socket.readyState == 1) { socket.send(msg_string); }
}
function request_message_search(data) {
var data_array = {};
data_array.type = 'request_message_search';
data_array.publisher_channel = data.publisher_channel;
data_array.search_term = data.search_term;
var msg_string = JSON.stringify(data_array);
if (socket.readyState == 1) { socket.send(msg_string); }
}
function request_more_messages(data) {
var data_array = {};
data_array.type = 'request_more_messages';
data_array.publisher_channel = data.publisher_channel;
data_array.last_record_id = data.last_record_id;
var msg_string = JSON.stringify(data_array);
if (socket.readyState == 1) { socket.send(msg_string); }
}
function check_channel_status(data) {
var data_array = {};
data_array.type = 'check_channel_status';
data_array.app_name = data.app_name;
var msg_string = JSON.stringify(data_array);
if (socket.readyState == 1 && connected_to_assigned) { socket.send(msg_string); }
else { setTimeout(function() { check_channel_status(data); },500); }
}
function check_channel_status_response(data) {
postMessage({ action: 'CheckChannelStatusReponse', stream_status: data.stream_status.status, onair: data.stream_status.onair, connected: data.stream_status.connected });
}
async function join_publisher_channel(data) {
if (typeof data.jwt_token === 'string' && data.jwt_token !== '') {
if (!socket || socket.readyState !== WebSocket.OPEN) {
console.warn("[Page worker] JWT join skipped: socket not open");
return;
}
socket.send(JSON.stringify({
type: "join_publisher_channel",
jwt_token: data.jwt_token,
publisher_channel: data.publisher_channel,
username: data.username,
subscriber_group: data.subscriber_group,
display_name: data.display_name,
single_sign_on: data.single_sign_on,
remote_ip: data.remote_ip,
http_referrer: data.http_referrer,
current_page: data.current_page,
php_session_id: data.php_session_id,
from_react: data.from_react,
...(typeof data.api_key === "string" && data.api_key.trim() !== "" ? { api_key: data.api_key } : {}),
}));
console.log("[Page worker] Sent supplied JWT join");
postMessage({ action: 'PublisherChannelJoined' });
return;
}
const joinSocket = socket; if (!joinSocket || joinSocket.readyState !== WebSocket.OPEN) { return; }
const apiKey = typeof data.api_key === "string" ? data.api_key.trim() : "";
const partnerName = partnerFromCurrentPage(data.current_page);
let tokenBody;
if (apiKey !== "") { tokenBody = { api_key: apiKey }; }
else if (partnerName) { tokenBody = { partner_name: partnerName }; }
else { tokenBody = { username: data.username || "", publisher_channel: data.publisher_channel || "", }; }
let jwtToken = null;
try {
const requestStartedAt = Date.now();
const response = await fetch(TOKEN_ENDPOINT, {
method: "POST",
headers: { "Content-Type": "application/json" },
body: JSON.stringify(tokenBody),
credentials: "same-origin",
cache: "no-store",
});
if (!response.ok) {
throw new Error(`token endpoint returned ${response.status}`);
}
const tokenData = await response.json();
if ( !tokenData || typeof tokenData.token !== "string" || tokenData.token === "" ) {
throw new Error("token endpoint returned no token");
}
const expiresIn = Number(tokenData.expires_in);
if (!Number.isFinite(expiresIn) || expiresIn <= 0) {
throw new Error("token endpoint returned an invalid lifetime");
}
const expiresAt = requestStartedAt + (expiresIn * 1000);
if (expiresAt <= Date.now() + 30000) {
throw new Error("token response has insufficient remaining lifetime");
}
jwtToken = tokenData.token;
}
catch (error) {
console.warn("[Page worker] Token request failed", error);
// API-key requests must not silently bypass token authentication.
if (apiKey !== "") { postMessage({ action: "auth_failed" }); return; }
}
// A reconnect during the fetch makes this join attempt obsolete.
if ( socket !== joinSocket || joinSocket.readyState !== WebSocket.OPEN ) { return; }
const payload = {
type: "join_publisher_channel",
publisher_channel: data.publisher_channel,
username: data.username,
subscriber_group: data.subscriber_group,
display_name: data.display_name,
single_sign_on: data.single_sign_on,
remote_ip: data.remote_ip,
http_referrer: data.http_referrer,
current_page: data.current_page,
php_session_id: data.php_session_id,
from_react: data.from_react,
};
if (apiKey !== "") { payload.api_key = apiKey; }
if (jwtToken) { payload.jwt_token = jwtToken; }
console.log( jwtToken ? "[Page worker] Sending fetched JWT with legacy details" : "[Page worker] Sending legacy join without JWT" );
joinSocket.send(JSON.stringify(payload));
postMessage({ action: "PublisherChannelJoined" });
}
function partnerFromCurrentPage(current_page) {
try {
if (!current_page) return '';
const fullUrl = current_page.startsWith('http') ? current_page : `https://${current_page}`;
return new URL(fullUrl).searchParams.get('partner_name') || '';
} catch (e) { return ''; }
}
function session_static_info(msg) {
set_static_session_info(msg.data);
start_log();
}
function connect_to_distributor(msg) {
publisher_channel = msg.data.publisher_channel;
remote_ip = msg.data.remote_ip;
socket = new WebSocket("wss://ws.livesquawk.com/ws"+distributor_server);
socket.onopen = function(event) { request_server_assignment(); };
socket.onmessage = function(event) {
var msg_string = event.data.toString();
var data = JSON.parse(msg_string);
switch(data.type) {
case 'server_assignment_response': server_assignment_response(data); break;
}
};
}
function session_info_interval() {
postMessage({action: 'RequestSessionInfo' });
logging_interval = setTimeout(session_info_interval,logging_interval_time);
}
function server_assignment_response(data) {
assigned_server = data.selected_server;
socket.close();
connect_to_assigned_server();
}
function request_server_assignment() {
var data_array = {};
data_array.type = 'request_server_assignment';
var msg_string = JSON.stringify(data_array);
if (socket.readyState == 1) { socket.send(msg_string); }
}
function connect_to_assigned_server() {
socket = new WebSocket("wss://ws.livesquawk.com/ws"+assigned_server);
socket.onopen = function(event) {
postMessage({ action: 'VisibleConsole',console_string: "Connected to server "+assigned_server });
console.log("Connected to server "+assigned_server);
postMessage({ action: 'ConnectedToAssigned' });
connected_to_assigned = true;
if (playing) {
postMessage({ action: 'RejoinPlayerChannel' });
}
};
socket.onmessage = function(event) {
var msg_string = event.data.toString();
var data = JSON.parse(msg_string);
if (data.type != 'server_ping') { /* console.log(data.type); */ }
switch(data.type) {
case 'reconnect': postMessage({ action: 'VisibleConsole',console_string: "Reconnected" }); break;
case 'reload': postMessage({ action: 'Reload' }); break;
case 'start_log_response': start_log_response(data); break;
case 'application_refresh_start': application_refresh_start(data); break;
case 'application_refresh_stop': application_refresh_stop(data); break;
case 'player_log_request':
case 'check_channel_status_response': check_channel_status_response(data); break;
case 'PlayerLogRequest':
case 'new_tweet':
case 'new_latest_news':
case 'delete_report':
case 'add_report':
case 'add_ref_doc':
case 'calendar_change':
case 'calendar_insert':
case 'calendar_delete':
case 'new_note':
case 'AppStart':
case 'AppStop':
case 'BroadcasterStarted':
case 'BroadcasterStopped':
case 'added_cme_report':
case 'updated_cme_report':
case 'added_cme_commentary':
case 'updated_cme_commentary':
case 'server_assignment_response':
case 'initial_messages':
case 'message_categories':
case 'more_messages':
case 'matched_messages':
pass_straight_to_post_message(data);
break;
case 'output':
case 'server_ping':
case 'reconnect':
case 'disconnect':
break;
}
};
socket.onerror = function(event) {
postMessage({ action: 'VisibleConsole',console_string: "LS Socket Error" + event.type });
console.log(event);
postMessage({ action: 'LSSocketConnectionError' });
};
socket.onclose = function(event) {
console.log('Socket is closed. Reconnect will be attempted in 1 second.', event.reason);
socket_close_timeout = setTimeout(connect_to_assigned_server, reconnection_delay);
reconnection_delay = reconnection_delay*reconnectionDelayGrowFactor;
connected_to_assigned = false;
};
}
function checkSocketConnectionState() {
postMessage({ action: 'SocketConnectionState', connected: Boolean(socket && socket.readyState === WebSocket.OPEN && connected_to_assigned ), });
}
function close_socket() {
clearTimeout(socket_close_timeout);
socket_close_timeout = null;
socket.onclose = function(event) {};
socket.onmessage = function(event) {};
socket.onerror = function(event) {};
socket.close(1000);
console.log('Socket Closed');
}
function pass_straight_to_post_message(data) {
data.action = data.type;
postMessage(data);
}
function join_player_channel(data) {
var data_array = {};
data_array.type = 'join_player_channel';
data_array.player_channel = data.player_channel;
data_array.remote_ip = data.remote_ip;
data_array.username = data.username;
data_array.app_name = data.app_name;
data_array.onair_status = data.onair_status;
data_array.http_referrer = data.http_referrer;
data_array.current_page = data.current_page;
data_array.php_session_id = data.php_session_id;
var msg_string = JSON.stringify(data_array);
if (socket.readyState == 1) { socket.send(msg_string); }
postMessage({action: 'PlayerChannelJoined' });
playing = true;
}
function start_log_response(data) {
session_info.session_id = data.log_record_id;
session_info_interval();
}
function application_refresh_start(data) {
if (data.app_name == session_info.application_name) { postMessage({action: 'ApplicationRefreshStart' }); }
}
function application_refresh_stop(data) {
if (data.app_name == session_info.application_name) { postMessage({action: 'ApplicationRefreshStop' }); }
}
function set_static_session_info(data) {
session_info.browser_codename = data.browser_codename;
session_info.browser_name = data.browser_name;
session_info.user_agent = data.user_agent;
session_info.browser_version = data.browser_version;
session_info.cookies_enabled = data.cookies_enabled;
session_info.platform = data.platform;
session_info.player_version = data.player_version;
session_info.stream = data.stream;
session_info.connection_protocol = data.protocol;
session_info.delay_target = data.delay_target;
session_info.session_email = data.session_email;
session_info.remote_ip = data.remote_ip;
session_info.php_session_id = data.php_session_id;
session_info.application_name = data.application_name;
session_info.http_referrer = data.http_referrer;
}
function start_log() {
var session_start_date = new Date();
session_start_time = session_start_date.getTime();
var months = ['Jan','Feb','Mar','Apr','May','Jun','Jul','Aug','Sep','Oct','Nov','Dec'];
var session_start_date_string = session_start_date.getDate() + " " + months[session_start_date.getMonth()] + " " + session_start_date.getFullYear();
var data_array = {};
data_array.type = 'webrtc_start_log';
data_array.remote_ip = session_info.remote_ip;
data_array.username = session_info.session_email;
data_array.php_session_id = session_info.php_session_id;
data_array.webrtc_protocol = '';
data_array.session_start_time = (session_start_time/1000).toFixed(0);
data_array.stream_name = session_info.stream;
data_array.session_start_date = session_start_date_string;
var msg_string = JSON.stringify(data_array);
if (socket.readyState == 1) { socket.send(msg_string); }
}
function update_session_info(data) {
var data_array = {};
var msg_string = '';
var current_date = new Date();
var current_time = current_date.getTime();
session_info.protocol = data.protocol;
session_info.curr_delay = (data.effective_latency / 1000).toFixed(2);
session_info.session_length = current_time - session_start_time;
session_info.ping_time = data.ping_time;
session_info.jitter = data.jitter;
session_info.packet_loss = data.packet_loss;
session_info.effective_latency = data.effective_latency;
session_info.mean_opinion_score = data.mean_opinion_score;
session_info.restarts = data.restarts;
if (socket_emits == 0) {
data_array = {};
data_array.type = 'webrtc_log_data_full';
data_array.connection_protocol = session_info.protocol;
data_array.threshold = 0;
data_array.curr_delay = session_info.curr_delay;
data_array.session_length = session_info.session_length;
data_array.date = current_time;
data_array.browser_codename = session_info.browser_codename;
data_array.browser_name = session_info.browser_name;
data_array.user_agent = session_info.user_agent;
data_array.browser_version = session_info.browser_version;
data_array.cookies_enabled = session_info.cookies_enabled;
data_array.platform = session_info.platform;
data_array.player_version = session_info.player_version;
data_array.stream = session_info.stream;
data_array.restarts = session_info.restarts;
data_array.delay_target = 0;
data_array.op_sys = '';
data_array.flash_version = '';
data_array.remote_ip = session_info.remote_ip;
data_array.http_referrer = session_info.http_referrer;
data_array.php_session_id = session_info.php_session_id;
data_array.user_email = session_info.session_email;
data_array.webrtc_protocol = session_info.protocol;
data_array.ping_time = session_info.ping_time;
data_array.jitter = session_info.jitter;
data_array.packet_loss = session_info.packet_loss;
data_array.effective_latency = session_info.effective_latency;
data_array.mean_opinion_score = session_info.mean_opinion_score;
data_array.session_id = session_info.session_id;
msg_string = JSON.stringify(data_array);
if (socket.readyState == 1) { socket.send(msg_string); }
}
else {
data_array = {};
data_array.type = 'webrtc_log_data';
data_array.session_id = session_info.session_id;
data_array.php_session_id = session_info.php_session_id;
data_array.connection_protocol = session_info.protocol;
data_array.restarts = session_info.restarts;
data_array.threshold = 0;
data_array.curr_delay = session_info.curr_delay;
data_array.session_length = session_info.session_length;
data_array.date = current_time;
data_array.webrtc_protocol = session_info.protocol;
data_array.ping_time = session_info.ping_time;
data_array.jitter = session_info.jitter;
data_array.packet_loss = session_info.packet_loss;
data_array.effective_latency = session_info.effective_latency;
data_array.mean_opinion_score = session_info.mean_opinion_score;
data_array.stream = session_info.stream;
msg_string = JSON.stringify(data_array);
if (socket.readyState == 1) { socket.send(msg_string); }
}
socket_emits++;
if (socket_emits == 100) { socket_emits = 0; }
}
- Stagflation watch continues
- Consumer price growth headed for 4%?
- Rates expected to rise in December, early 2027 -- traders
- ECB decision set for Thursday at 13:15 GMT / 14:15 CET
- Press conference slated for 13:45 GMT / 14:45 CET
By Eric Culp
European Editor, LiveSquawk News
@eculp.bsky.social
@EricCulpLS
28 October 2026 | 13:00 GMT
FRANKFURT – Euro area central bankers are expected to leave their key interest rates at current levels this week in an environment of surging fuel costs and economic concerns.
An economists’ poll predicted the European Central Bank plans to reiterate present monetary policy on Thursday, which would keep the benchmark deposit rate at 2.50% and the main refinancing rate to 2.65%.
A hands-off approach this month would follow hikes in September and June, with the latter representing the first increase in almost three years.
“The key question is whether the latest turmoil in French and other European bonds is enough to trigger a dovish shift in the ECB’s message. We don’t think we are there yet,” said ING’s Carsten Brzeski. “But equally, we admit that a more dovish tone on further tightening would probably be the first line of defence against more bond volatility, before exploring any bond-buying measure.
“In a meeting without new projections, the wording around December will be crucial. We expect the door to remain open for a December move, with a broadly neutral and balanced message to markets”.
Traders are betting on a December hike, with analysts now suggesting that any such increase won’t be the last in the months ahead. Many observers, such as UBS, had previously predicted that the next tightening step would be the final one of this cycle before changing their tune to add another stanza, namely the high likelihood of an additional increase next year. That makes sense: the Iran war was supposed to be over months ago.
Prices are hot, hot, hot
Inflation in the Eurozone hit a three-year high of 3.8% in September and it may not be levelling off anytime some. Analysts’ projections for this month in the Big Four euro area countries are mixed, with Germany's EU-harmonised reading expected to ease to 3.1% from 3.3% in August, a decline that would be largely rooted in the county’s decision to cut 17 cents from its fuel tax in an effort to give people a break at the pump. Spanish consumer price growth was expected to slip this month, but the decline is forecast at 4.9% versus 5.0% last month, so still more than double the ECB target of 2.0% over the medium term. Italy and France are likely to report higher rates of consumer price growth, analysts said, meaning the overall rate could climb.
Considering this, it would make sense to hike interest rates to fight inflation. That’s how it is supposed to work. Inflation goes up, rates follow. The ECB’s main job is price stability, but one of its tasks is to support growth, which is getting harder.
For some, like this writer, it feels as if the US and Israel’s initial attacks on Iran happened just a couple months ago: They were at the end of February. And the ongoing uncertainty over the world’s oil supplies – along with the corresponding volatility in energy markets – have pressured consumers and businesses alike. Brent crude moved above USD 116/bbl for the second time this month on Wednesday, and the ECB’s own survey from last month suggested bank lending could slow due to higher interest rates, an indication of possibly more moderate economic activity.
Conversely, German business confidence climbed to its highest mark in more than three years this month, adding more evidence that Europe’s biggest economy is in a growth spurt.
ECB President Christine Lagarde said mid-month that the central bank remained well-positioned and that rate-setters are not seeing any second-round affects from inflation at the moment, comments that point to a hold on Thursday. Other policymakers have suggest no change this week, citing the various economic pressures on the Eurozone economy.
Lagarde is set to exit the bank in October of next year, but rumours continue about her possible early departure. With the central bank all but guaranteed to leave rates unchanged this week, the leadership question, and the timing of her replacement, who has not yet been named, could eat some minutes of the post-decision press conference.
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