Norway’s $1.4 trillion sovereign wealth fund isn’t budging in its view on commercial real estate even as soaring borrowing costs and falling values ravage the sector, Chief Executive Officer Nicolai Tangen said. “We have seen a lot of the damage in this area,” Tangen said in an interview on Bloomberg TV Wednesday. “We’ve had rates increasing already, we have seen higher vacancy rates, we’ve seen the whole Covid effect, we’ve seen the banks having troubles and so I suspect that we may have...

Welcome to the Bloomberg Surveillance newsletter, a daily look at the best interviews and insights from Bloomberg Television and Radio’s flagship morning show co-hosted by Tom Keene, Jonathan Ferro and me. Sign up here if you’re not yet a newsletter subscriber. What crisis? It turns out that higher interest rates really are better for big banks, at least for now. That's the good news, and it's reserved mostly for the largest US banks that are steadily consolidating their dominance. Today,...

Welcome to the Bloomberg Surveillance newsletter, a daily look at the best interviews and insights from Bloomberg Television and Radio’s flagship morning show co-hosted by Tom Keene, Jonathan Ferro and me. Sign up here if you’re not yet a newsletter subscriber. No economic crisis There is one clear conclusion from the first half of 2023: March's regional banking crisis didn't become an economic crisis, as much of Wall Street expected and feared. It didn't materially seem to slow growth or...

Welcome to the Bloomberg Surveillance newsletter, a daily look at the best interviews and insights from Bloomberg Television and Radio’s flagship morning show co-hosted by Tom Keene, Jonathan Ferro and me. Sign up here if you’re not yet a newsletter subscriber. ‘Hawkward’ “Don’t fight the Fed” is one of Wall Street’s oldest axioms. Now markets are about to see what happens when the Fed fights back. Surveillance guests expect Fed Chair Jerome Powell will hammer home his higher-for-longer...

Welcome to the Bloomberg Surveillance newsletter, a daily look at the best interviews and insights from Bloomberg Television and Radio’s flagship morning show co-hosted by Tom Keene, Jonathan Ferro and me. Sign up here if you’re not yet a newsletter subscriber. ‘Second to none’ Wall Street analysts are debating two competing banking scenarios. The first: the regional banking issues were never a crisis and the turmoil seen in March is mostly over. The second: stress at smaller banks is just...