Despite yields in the U.S. and other developed economies rising to multi-decade highs and the market widely expecting the Federal Reserve to maintain high interest rates, Ed Yardeni, president of Yardeni Research, believes that rates have "returned to normal" rather than "staying high for long." Previously, financial conditions tightened due to inflation and budget deficit concerns triggered by the Iran-Iraq War, but traders have since pared back rate hike expectations, with swap market pricing across eight major economies falling by nearly 200 basis points since mid-September.