Wages up, magins downs

Kind of a noisy chart but commercial bank credit is bumping along at under 2% YoY while wages rise and squeeze margins for most companies.

So can consumers prop up final demand if the Fed stays far enough behind the curve in terms of the real economy? If so why would 10 yr bond yields yield 2.4% and not 5 or 6% if the Trumpster is setting the scene for years of wage-inflation cycle? In either scenario why are equities so high still?