The Financial Times’ splash carries a warning from the head of the world’s largest sovereign wealth fund, who says investors will face years of low returns as the rise in inflation looks set to be permanent. Speaking to the paper, Nicolai Tangen, chief executive of Norway’s $1.3tn oil fund, suggests high demand for goods and services, lingering disruption to supply chains, and higher prices on things like food, freight and energy will hit bonds and shares “for the next few years”.