If they don't raise rates, the dollar will plunge further. That will cause foreign creditors to divest their treasury note holdings even more so. Net result - The FOMC will have to raise rates anyways, if they hope to sell any more debt at auction. Watch. They'll say the economy is robust, even though they know anyone with 1/2 a brain knows what they're really saying is "we can't afford to loosen rates."
"All arguments that the economy is slowing so ... now we have divergence." Whose arguments? Yours? The May ISM level suggested above trend growth for example. The stock market is a leading indicator (component of LEI). Maybe your assessment is wrong.