[Morgan Asset Management calls on the U.S. Treasury Department to cancel the 20-year Treasury bond] On November 4, Bob Michele of JPMorgan Asset Management made a suggestion to U.S. Treasury Secretary Bessant: Cancel the 20-year Treasury bond. Before the Treasury Department announced its quarterly bond issuance plan on Wednesday, the global head of fixed income at JPMorgan Asset Management said, "No one likes the 20-year Treasury bond, why issue it? It had its rationality in another era. That is no longer the case." Long-term Treasury bond yields have recently surged to their highest levels since 2002, and there is speculation that the Treasury Department will shift its issuance focus to shorter-term Treasury bills and medium-term Treasury bonds in the coming months. However, the complete cancellation of the 20-year Treasury bond is still a low-probability tail scenario, and none of the traders surveyed regarded this approach as a baseline expectation.