El-Erian: Market Decoupling Means Possible Rude Awakening

The video discusses the decoupling of asset prices from economic fundamentals, driven by central banks to trigger a wealth effect. However, this strategy has not succeeded, leading to a potential market correction. Recent changes in the yield curve reflect investor skepticism about central banks' control over it, especially after disappointing retail sales figures.

Why might the market experience a rude awakening according to the text?

What factors contributed to the recent changes in the 10-year yield mentioned in the text?