3 Year Auction Doesn't Go Well

The U.S. Treasury just concluded its 3 year auction, selling $32 billion worth of Treasuries, and the auction wasn't received as well as some others recently.

The Treasury sold the bonds at a 1.349% yield, and had a bid to cover of 3.01. This is below the average of 3.32 these auctions have had in the past.

Rick Santelli graded the auction a C+.