When investors around the world woke up Monday to news that the U.S. Justice Department had subpoenaed the Federal Reserve in a criminal investigation, it rekindled fears about whether America was still the gold standard for investment. The result was a return of what is dubbed a “Sell America” market, which first emerged last April after President Donald Trump’s surprise tariff announcement. Fed Chair Jerome Powell said the criminal probe was an intimidation tactic by the Trump administration because the president was frustrated by the central bank’s independent decisions on interest rates and its refusal to comply with Trump’s demands for ultra-low rates. Powell’s statement immediately set off alarms for investors and trading desks around the globe. The S&P 500 and Nasdaq opened slightly lower before ending the day slightly higher. The yields on U.S. government bonds soared to the highest levels since September 2025, a sign of worry in the markets that a less independent Federal Reserve might not be able to control inflation. Yields for the 10-year Treasury, which mortgage rates closely track, …