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The stop-out rate on overnight repos backed by Treasuries at Tuesday’s Fed operation was 1.80%, while those on one-day repos backed by agency debt and mortgage-backed securities was 1.83%.

The university’s unusually generous “stop-out policy” allows students to take up to two years off and return with no questions asked.

Freddie Mac said it sold $1 billion of three-month bills due August 27, 2012 at a 0.104 percent stop-out rate, down from a 0.110 percent rate for its $1 billion three-month bills auctioned on May 21.

In the interests of humanity care should be taken that the earth-stopper always has with him a small terrier, as it is often necessary to “stop-out” permanently; and unless a dog is run through the drain some unfortunate creature in it, a fox, cat or rabbit, may be imprisoned and starved to death.

Keith V. Abramson Hartford, Conn. A detour via the business world resulted in a 38-year stop-out for me.