[39]And to the extent that such flight-to-safety flows affect the exchange rate, the aforementioned  reduced pass-through to import prices that international currencies imply also mitigate more direct effects on domestic prices. [40]See Bernanke, B. (2005), “The Global Saving Glut and the U.S. Current Account Deficit”,  speech at the Homer Jones Lecture, St. Louis, Missouri, 14 April.
On the impact and transmission channel of foreign official purchases on US Treasury yields in the mid-2000s, see also: Kaminska, I. and Zinna, G. (2014), “Official Demand for U.S. Debt; Implications for U.S. Real Interest Rates”, IMF Working Papers, No 14/66; and Krishnamurthy, A. and VissingJorgensen, A. (2012), “The Aggregate Demand for Treasury Debt”, Journal of Political Economy, Vol. 120, No 2, pp. 233–267.