$35 Billion In 2 Year Debt Gets "C+"

The U.S. Treasury just concluded its auction of 2 year debt, and Rick Santelli gave it a "C+" grade.

$35 billion in debt was sold, and it had a yield of 0.673%, which was good, but the bid to cover was very weak. It came in at 3.06, while the 10 auction average was 3.42.

Indirect bidders purchased 37.9%, while the 10 auction average is 37.3%.