Historically, 20-year U.S. Treasury bonds have paid a real rate of interest of 4 percent. If these bonds pay an interest rate of 7 percent, what inflation rate do savers expect, assuming they plan to get a 4 percent real rate of return? Historically, one-year U.S. Treasury bills have paid a real rate of return of 0 percent. If they are paying 4 percent, what does this imply savers expect?