'altered expectations' is correct and can be used in written English.
You can use it to refer to expectations that have been changed. For example: "The pandemic has altered expectations for many businesses."
There is the possibility that Celtic's achievement in Russia could have altered expectations among their fans.
Students who entered art school a few years ago will probably have to emerge with drastically altered expectations.
Film adaptations of TV sitcoms were traditionally seen as problematic, but the runaway success of the Inbetweeners movie three years ago altered expectations dramatically.
It also said the economic downturn and credit crisis had "fundamentally altered" expectations and valuations placed on Genentech and other biotechnology companies since it made its initial offer.
And Bin Laden's death has not altered expectations, even as Mr. Obama enjoys the predicted bounce in polls of his public support.
But even this past disappointing season, when the team posted a 9-7 record but failed to make the playoffs, evidenced the extent to which Parcells radically altered expectations.
A third possibility is to alter expectations.
Collectively, they could begin to alter expectations.
The title, "The Overton Window," refers to a trick of altering expectations until the unthinkable seems reasonable.
The figures from the Bank are unlikely to alter expectations that policymakers will hold borrowing costs steady at 5.75% this week given the stock market turmoil of recent days.
Four in 10 parents say they have had to alter expectations for the type of college they can afford for their children.
