Record-breaking yields in the Treasury market are part of action not seen in bonds for 40 years, according to JP Morgan's Bob Michele.

Liquidity issues in which buyers and sellers are having a hard time coming together on prices are just part of the problem, Michele, the firm's chief investment officer and head of global fixed income, said Monday on CNBC's "Power Lunch."

"I've been doing this 40 years. I've never seen that before," Michele told CNBC's Steve Liesman, who inquired about half-point difference in what buyers were willing to pay and sellers were willing to sell for, referred to as the bid-ask spread.

In fact, Michele said that at one point he received a call from JP Morgan Asset Management's London office to say that there were no offers on the 30-year bond.

"I've never seen that before," he said. "These are uncharted times for sure."

The liquidity issues happened as the 10-year yield at one point fell below 0.4% and the 30-year bond dropped below 1%, both firsts in a bond market that has seen a stampede of buyers looking for safety amid the coronavirus scare and a price war in the oil market.