the economic data released this past week appeared to tell a clear story consumer demand was falling as evidenced by slower retail sales wholesale prices were cooling suggesting that further inflation relief was on the horizon the message seemed to be that the federal reserve’s policy tightening efforts were working and equity markets initially climbed on the data but then fed officials hit the airwaves singing a different tune despite abundant signs of economic slowing they would remain steadfast in their pledge to hike interest rates in coming months “we still have some ways to go” said cleveland fed president loretta mester and the sp 500 and dow jones industrial average fell declines extended through friday