Rick Santelli Gives 7 Year Auction "C-"

The U.S. Treasury just auctioned off $29 billion of 7 year debt at a 2.28% yield, and Rick Santelli gave it a C- grade.

The yield prior to the auction was 2.265%, and the bid to cover was 2.63. This is well below the 2.86 10 auction average.

Direct bidders purchased 9% of the auction, slightly above the 8% 10 auction average.