In July, the one year interest rate is 12.63% on British pounds and 9.13% on U.S. dollars. The current exchange rate is USD1.63/GBP. Suppose a change in expectations regarding future U.S. inflation causes the expected future spot rate to decline to $1.49/GBP. Let's assume that the British interest rate stayed at 12.63% because there has been no change in expectations of British inflation.

What would the U.S. interest rate expected to be?