Expectations for future market outcomes often are a blend of historical experience and more recent developments. Ever present is the admonishment that past returns are no guarantee of future results. Nevertheless, the past provides relevant ranges for investor consideration. Recent changes, whether or not sustainable, can weigh disproportionately on current expectations. Assigning greater weight to the recent rise in interest rates may be appropriate. Interest rates are meaningfully higher than the very low levels of the past decade but remain below historical averages. A review of changing expectations for all assets can provide perspective for achieving investor goals ahead.