Treasury Auction Gets "C" Grade

Rick Santelli just gave the 5-year U.S. Treasury auction a "C" grade, and he said it was generous.

The Treasury auctioned $35 billion worth of 5 year debt, and it had a 2.79 bid to cover ration, which is right in line with the 10 auction average.

The yield on the auction was higher than expected, coming in at 2.26%, when the pre-auction yield was 2.25%.

42% of the buyers were indirect bidders, which include foreign central banks.