Demand for Treasury securities is still high
10-Year TIPS were sold with a Bid/Cover ratio of 2.51. Almost half of the securities went to indirect bidders, meaning central banks are still bidding for U.S. government debt.
Obviously, there is no problem for Treasuries despite the huge supply.
The positive interpretation here is that there is still a significant bid for U.S. debt despite all the talk of loose fiscal policy hurting demand. The negative interpretation is that concern about the probability of recovery is starting a flight to quality.