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Markets moved back into "Sell America" mode overnight as traders digested the prospect of an incoming Fed chair who lacks independent credibility: The dollar sank 0.32% against a basket of international currencies; the yield on 5-year Treasuries moved sharply up, a sign that investors now regard U.S. government bonds as being suddenly more risky; gold futures"the traditional safe haven"rose 2.21% today to hit a new record high over $4,600 per troy ounce; and S&P 500 futures are down 0.66% this morning prior to the opening bell.

Wall Street analysts are almost universally negative about the news.

"The combined drop in the dollar, equities and Treasuries was a reminiscence of the sell America' days of last spring," ING's Francesco Pesole told clients this morning. "The downside risks for the dollar from any indications of further determination to interfere with the Fed's independence are substantial. Again, the bond market will be the most important barometer, both on the short end of the curve if markets price back in more rate cuts, or in the long end with potential stress signs on independence risks. A sharp steepening of the curve could take the dollar on a fall."

At Invesco Asset Management, analyst David Chao told Bloomberg, "The Fed subpoena is another example of how U.S. assets are becoming less attractive ... Not only is the U.S. retrenching behind its Fortress America borders, the country is also becoming more predatory."

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