3 Year Auction Gets "B+"

The U.S. Treasury just concluded its auction, selling $32 billion in 3 year debt, and Rick Santelli gave the auction a B+.

The auction sold at a 1.0001% yield, with the bid to cover strong. The bid to cover was 3.29 for every dollar auctioned, well above the 10 auction average of 3.14. This is the best since August 2010.

Indirect bidders, which include foreign central banks, were a little light, coming in at 32.7%.