5 Year Auction Gets C+

The U.S. Treasury just finished a 5-year $35 billion auction, and Rick Santelli gave it a C+ grade, as it was an average auction, nothing spectacular about it.

The yield on the auction was 2.124%, and it has a bid to cover of 2.77, while the 10 auction average is 2.80, so this auction is just slightly below the average.

Indirect bidders took down 41% of the auction, while the 10 auction average is 40%, so it's right in line.