Fair Supply: Supply weighed on the market today as large batches were pushed through across the curve while the at-record sized 3-yr went off smoothly and the market prepared itself for the next leg hitting tomorrow. The market was able to take down the $40 bln 3-yrs easily but was unable to capitalize much on its success as offerings crowd the calendar. The day saw corporate investment grade issuance hit at a furious pace expected to be gobbled up while assorted sovereign announcements or offerings also hovered on the radar. The day ahead finally sees some data, albeit nothing to phone home about, but in comes in the face of an at-record sized $21 bln reopened 10-yr, which will have players nervous. The last offering of that duration did not go off well, and there will be some hesitation (Chinese potential buying or no) heading into it. The market may see better results than the 3.692% 2.67 bid-to-cover and 33.2% indirect bidder take on the new Feb outing. Direct bidders, those bypassing the primary dealers to place orders directly with Treasury took 13.0%. The previous $21 bln reopening saw 3.754% with a 3.00 cover and an indirect bidder take of 29%. The curve was going nowhere fast, aiming to pull steeper much of the session but ending near flat with the 2-10-yr yield spread running 282.4. The dollar was sent back near the stick 80.50 level after early moves higher petered out. The euro spent the day recovering while the yen backed up to loiter near the 90.00 figure. The day ahead has wholesale inventories (10) and treasury budget (14) while the 10-yr auction (13) and NY's Dudley will be speaking in the UK (15:35).