The announcement today is just a small part of what's going on. We have been seeing a good and steady supply of issuance, and that's going to spook people a little bit from a supply perspective.
The spread supply had been a factor weighing on the Treasury market and when the 10-year TIPS auction didn't go terribly well, that compounded the issue.
There's been a continued series of hawkish comments from the Fed, and there's supply pressure with today's five-year auction. All of this is going to put downward pressure on Treasury prices.
It's still a hefty amount of supply and there will be pressure on the market.