The chief executive of the world's largest wealth fund says there are many wild cards in financial markets right now, but the "big worry" for investors is what a commodities rally could mean for the inflation outlook. Oil and copper prices have climbed around 13%, respectively, year-to-date, while gold has repeatedly notched fresh record highs in recent months. Asked whether he had any concerns about hot commodity markets, NBIM's Tangen replied, "Yes, the big worry is just what that could mean for inflation right?" He added, "So, if energy and raw material prices continue to move up, that is going to feed through to end-product prices, which are going to be higher. And that could be the real wildcard when it comes to inflation expectation."

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Persons: Nicolai Tangen, CNBC's, NBIM's Tangen Organizations: Norges Bank Investment Management