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Subscriber OnlyMarketsEconomicsNegative Rates Can Do a Lot More Damage Yet: Nordic Warning$55 billion Ilmarinen fund says we’re just at start of cycleNegative rates are now the norm across most of Nordic regionPhotographer: Kyrre Lien/BloombergByKati Pohjanpalo+FollowNovember 24, 2019, 5:00 AM UTCUpdated onNovember 25, 2019, 9:22 AM UTCExplore what’s moving the global economy in the new season of the Stephanomics podcast. Subscribe via Apple Podcast, Spotify or Pocket Cast.After half a decade of negative interest rates, one of the biggest Nordic pension funds is wondering whether this is just the beginning.