30 Year Auction Gets A "D"

The U.S. Treasury just concluded its 30 year auction, selling $16 billion worth of debt, and Rick Santelli said the auction was awful, and gave it a "D" grade.

The auction yielded 4.38%, and had a bid to cover of 2.43, well below the 10 auction average of 2.70. Indirect bidders took down 33% of the auction, well below the 10 auction average, which is 41%.