One line of chart shows the average stock market return that investors expect over the coming 10 years. The data are shown on an every-other-month basis from February 2017 through December 2023 and are steadier than for the 12-month time frame. Investors’ 10 year expected return stood at 7.2% in December 2023, slightly above the reading of 7.0% in October 2023. A second line shows the average stock market return that investors expect over the coming 12 months. The data are shown on an every-other-month basis from February 2017 through December 2023. Investors’ 12-month expected return was 5.7% in December 2023, up from 4.4% two months earlier.