If they don't deliver, we could see a sharp sell-off in markets and a drop in consumer confidence,
The pause in economic growth and the drop in confidence will probably cause the Fed to tighten later rather than sooner. The earliest I can see them tightening is the end of June, and they could quite possibly wait until August.
In the summertime, we have a lot of plant shutdowns, especially in the auto industry. Despite that, we saw a drop in initial claims, ... That's indicating that the employment market has not only stabilized, but has begun to improve slightly.