If 10-year Treasury notes yield 5%, for example, and you want at least a 3% equity risk premium, then you’ll only invest in a stock if you think you can get an 8% annualized return or higher. However, if 10-year Treasury yields are 1.5%, and you still want a 3% risk premium, then you’re willing to pay a higher valuation, and thus accept a lower dividend yield and lower expected returns from stocks; even 4.5% expected annualized returns would be better than a 1.5% Treasury yield.
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That is from the article. But it only works if US assets are the only game in town.
But you need either growth or dividends to earn on stock. Growth might become a lot harder in a rising interest rate environment and dividends are not a great return with current market levels.