Nicolai Tangen, CEO of Norges Bank Investment Management, the world's largest sovereign wealth fund, identifies U.S. tariffs as a key driver of inflation and a significant market risk in 2025. He also highlights other risks such as prolonged high interest rates, government debt, and geopolitical instability. Tangen emphasizes the growing concentration of U.S. equities in large-cap tech firms as a top concern.
Inflation driven by U.S. tariffs is among the biggest market risk s in 2025, Nicolai Tangen , CEO of Norges Bank Investment Management told CNBC at the World Economic Forum in Davos. Tangen also flagged chief risks to markets including higher for longer interest rates, high levels of government debt and geopolitical tensions . As his top risk, he cited concentration in U.S. equities among large cap tech firms, which he said had 'never been bigger.'\'I don't think I should give any advice to the U.
S., but if you look at the risk to financial markets, I think inflation is for sure one, all driven by tariffs,' the CEO of Norges Bank Investment Management told CNBC at the World Economic Forum in Davos. 'Many of the suggestions now coming out of the U.S. are potentially inflationary. They could cause more inflation. There could be less labor supply, there could be more tariffs — all of these things are driving inflation, and so it's not a given that inflation will come down,' he said.\Norges Bank's Tangen also flagged chief risks to markets including higher for longer interest rates, high levels of government debt and geopolitical tensions. However, he said that 'purely financially,' for a lot of U.S. companies, Trump's arrival was going to be 'very positive.' 'A lot of these policies we would not necessarily agree with, but if we look at it just from a financial point of view, as a financial investor, it's generally very exciting. You know, we have more than half the assets invested in America. And when we talk to American CEOs, and we talk to a lot of them, we really see this animal spirit coming back.
Inflation U.S. Tariffs Market Risk Norges Bank Investment Management Nicolai Tangen Sovereign Wealth Fund Interest Rates Government Debt Geopolitical Tensions Tech Stocks Concentration
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