Only Earnings Will Take U.S. to New Levels, Says UBS' Wraith

The video discusses recent market corrections and the interplay between equity and bond markets. It highlights the potential for reaching new highs in the S&P 500 by year-end, driven by earnings rather than economic fundamentals. The discussion also covers the expected decline in 10-year Treasury yields, considering the current economic context and potential softening of economic data.

What does the speaker mean by 'wake up call' in the context of the equity and bond markets?

What does the speaker imply about the future of 10-year Treasury yields?