The U.S. Treasury Department will make a major announcement tonight! JPMorgan Asset Management speaks out in advance: cancel the 20-year U.S. Treasury bond.

Ahead of tonight's highly anticipated U.S. Treasury quarterly refunding statement, Bob Michele, Chief Investment Officer and head of global fixed income at JPMorgan Asset Management, offered a piece of advice to U.S. Treasury Secretary Bessent: eliminate the 20-year Treasury bond. "Nobody likes it (the 20-year Treasury)," Michele said before the Treasury unveils its quarterly bond issuance plan on Wednesday. "Why even issue it? It may have made sense in another era, but not anymore."