No, that won't lead to inflation. Quite opposite, it would lead to deflation, since you have same material value, represented by a lower number of bonds/money.

No, that won't lead to inflation. Quite opposite, it would lead to deflation, since you have same material value, represented by a lower number of bonds/money. The value of money, each month would go up, and printing money could be use to counter act the deflation, creating a stable currency. Keep in mind that if you use your money before it expires each month, you get more value than if you just sit on it.