♪ >> the fed is not going to kill this recovery. >> public -- public height over inflation got too high. i think the fed got spooked. >> given this rise in inflation, the hawks are more willing to show their hand. >> if you think inflation is not going to be transitory, it's because you think the labor market is tight and we have tapped out earlier than you might hope. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. tom: good morning, everyone.

a simulcast, bloomberg radio, bloomberg television. news breaking here, there and everywhere. the elephant in the room, to your important interview with john williams today in about an hour, maybe two hours, there is a hungarian central bank wanting to raise rates. that permeates this discussion and what it means for the market. jonathan: another headline i want to get to as well as china selling 20,000 tons of copper in-state reserves july 5 to july 6. the price correcting a little bit, a -- a little bit, up by a little more than 0.1%. tom: our guest here to start the hour has said you've got to be in the markets. your observation right now with the vix 20 in two 17.42.

jonathan: kindergarten macro is when you use last week's price action to predict things out several years. in the bond market, that is what we saw last week. people changing their views about several years out based on the price action of a single week and a subtle shift from the federal reserve. tom: a lot of fed speak we will get to today. we are celebrating catherine mann being picked up the bank of england as a new member. you have to folded into the bond market and the observation of the deep market. which part of the bond market matters to you right now? lisa: everybody is watching the yield curve to see if it continues to flatten, or if we get a reaction or a and longer-term growth expectations. i want to build on one thing, this headline about china selling copper from its state reserves. this is the first time china has done this in a long time, in years. it basically is a reflection of how they are concerned that high

commodity prices will curtail their work every -- their recovery. at one point will the inflation we have seen in commodities and certain assets actually hamper growth, lead to the stagflationary environment? tom: that is too much linkage for me. that is out a couple of weeks that they will do that. the markets move. the vix comes in, 16.80 right now. the percentage changes matter. the nasdaq 100 leading the way, a little bit up and elevated. what do you see? jonathan: the bond market has had a huge intraday trading range over the last couple of days. the highs pushing 1.50%. tom: we had a $70 print on oil. jonathan: 10 minutes time, bank of america. tom: we will see that with francisco blanch. right now, it is a joy to bring

in binky chadha of deutsche bank, their chief global strategist. tons to talk about in a three hour conversation. i want to first shout out the invention of modern deutsche bank strategy and economics. you guys are on fire. david folkers landau is looking out three years to inflation. your colleague george is near term, maybe going the other way. are you caught in the middle? binky: i wouldn't describe it as being caught in the middle. i think if you take an issue like inflation, which we really haven't had for 50 years now, it is the most reasonable outcome, that reasonable people will have very different views. i think that is exactly where we are. we have a baseline view that inflation is a risk, but the tails are pretty flat,

and that is the key this morning. jonathan: we discussed whether you want to be banks or big tech. what is it for you? binky: i'm long in the banks. i'm also long energy. one of the dynamics one needs to keep in mind over the last 18 months or so is that this is not a market that has, except for the very early part, trended very nicely. it has been a series of step functions. when i look at the s&p 500 and ask myself what is not priced in, i would argue it is oil prices. i would argue there's plenty of upside on a global recovery continuing, especially if the dollar falls. keep in mind that you need 3% down on the trade-weighted dollar to get 3% oil prices, so i think it is very reasonable that we will see $80 oil by the

end of the year. the other thing not priced in our rates. so you want to belong the financials. other than that, i would be pretty careful here and say we continue basically to look for a sizable pullback, not the mini version we had on friday. that is going to hurt both the financials and energy, but we can have independent moves for oil prices and rates simply because of where we are. jonathan: you went on a tour of the asset there. can that banks call have been independent of what happens a rates -- what happens in rates, or is it dependent on what happens in rates? binky: i think it is dependent on rates because financials have been trading very closely with the u.s. 10 year yield, so the pullback in the financials

relative to the market is explained by what has happened to the 10 year yield coming off its highs. lisa: at the core, there's tension between growth and inflation, two different things that are often conflated. we are seeing inflation as you see oil prices heading towards $80 a barrel at the end of the year, and in certain commodities, which is possibly what china is responding to with selling from its strategic reserves of copper. but we are wondering whether this is inflation of key goods that leads to stagflation, as your colleague seems to suggest. when do we have a sense of that? binky: i would say stagflation really has two parts to it. the first being growth. i think the key issue and point here is that growth generally peaks about a year into the recovery. that is kind of where we are. if you look at our house

economics forecast, the consensus economics forecast, growth rates are meant to peek in the second quarter, and the stronger the second quarter is, the more likely, the sharper the peak is going to be. and i think there are always differences in every cycle, and the market has so far short of diminished the peak, or ignored and shrugged off the peak thesis , and that is because we have this big gap between goods and services right now. but i think anybody's investment thesis at this stage needs to confront a very simple charge. have retail sales growing, nominal purchase of goods. we are 10 percentage points above the trend line, and that strongly argues for not only

slower, but very likely slow growth on the good side. so the big question is what is going to happen on the services side. sure, there will be an expansion, but services don't tend to go on the others had of the trendline. so on the whole, the sickly argues for slow growth on the inflation side. i would argue this summer it is important come but rumor that inflation generally lags, so this problem is not going away. if you look historically at how inflation has behaved relative to when people talk unemployment, that is known to be the problem. tom: the great missed call of the last decade or two decades has been the single digit equity returns. wrong, wrong. spx, 16% per year for the last 10 years. are we going back to a single-digit structure? everyone has predicted it, and

yet you on the other optimists have said you've got to play. you've got to be in the game. binky: i would keep in mind the total returns of the s&p 500 the last 100 years is about 11%, so a very clear trend channel. tom: in the gloom crew is saying it is single digits. lisa: given what happened -- binky: given what happened last year and this year, we have a broad forward sum of that return, so single digits the next few years are not that unreasonable. jonathan: binky china in the studio, th chief global strategist at deutsche bank. tom: what steve roche at morgan stanley did come this intellectual diversity thing. it is ok within a shop to argue. arguing is normal. binky and i remembered when everybody, if they weren't on

the same page, they were shocked. jonathan: behind closed doors, tom. you can't argue publicly. tom: others said we are going to do it visibly and open, and that's great. jonathan: coming up, francisco blanch, head of commodities, derivatives research. lisa: that will be a really interesting conversation. i am wondering how much pushback he has from others in bank of america. tom: you nailed that, lisa. lisa: thanks. i'm trying. jonathan: 4219 on the s&p 500. yields unchanged on the 10 year, 1.4886. -- 1.4886%. a huge unwind of that move as well. tom: it came when fed people talk. they spoke. jon, your interview with john williams is going to move the market. jonathan: president williams coming up at 9:30 eastern. mike key helping lead that

interview. looking forward to catching up with him, the new york fed president a little later on bloomberg. this is bloomberg. ♪ ♪ ritika: with the first word news, i'm ritika gupta. the u.s. says 150 million americans have been vaccinated against covid-19, but cases are rising in several poorly vaccinated states, with more young people being admitted to hospitals. the highly contagious doctor variant first identified in india has been spreading in the south. india gave out more than eight one 6 million vaccine doses in the last 24 hours, a daily record for the nation. new cases in the hard-hit country have dropped to the lowest level since march. however, some experts are

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♪ >> it is something where you will quickly run out of spare

capacity as we get back to pre-pandemic levels. given how quickly we have come from $35 back up to $70, $75, this is something you could see in the next 12 to 18 months. jonathan: that was the trafigura chief economist. alongside tom keene and lisa abramowicz, i'm jonathan ferro. tuesday morning shaping up as follows as we count you down to the opening bell, one hour and 12 minutes away. your s&p 500, 4220, advancing a little more than 0.1%. wti crude with a $73 handle. rent crude had a little look at life north of $75 a barrel this morning, at $75.30. right now, $74.58. tom: it is the way it has gotten here, and this is all about the economics and the under of supply and demand. consistent in well-written thought is francisco blanch of bank of america securities, head

of derivatives and commodity research. i want to go to it is less talked about, and that is the demand dynamic. what do you envision to be the then band -- the demand dynamic that gets you to your acclaimed $100 a barrel? francisco: thanks for having me. a few things are key here. first, people have been locked up with very little movement, whether it is business or personal. there's a huge amount of pent up demand we are already seeing in the u.s. the rest of the world is going to join soon. europe is maybe a couple of months behind. emerging markets are six to 12 months behind the u.s., but we think they are going to come back in a huge way as vaccines get distributed. the second reason is really around what we call the avoidance of mass transit. people are going to be using more private vehicles, avoid subways and buses for an extended time. the reason is what we call the

new work from home or work from car situation. people are going to be working remotely one or two days a week in the future, and that is going to lead to more driving and less riding, and our view. we are basing this opinion on estimates pre-pandemic and studies pre-pandemic that suggested one or two days from working home eventually leads to more, not less driving. lisa: when it comes to the demand picture, business travel not coming back as quickly, with a lot of companies saying they are going to return to just small fractions of what they used to do. how much does that factor into your estimates? francisco: business travel is a big factor for airlines, but let me just give you one of these. in 2019, average travel was roughly 2.3 million passengers per day going through tsa checkpoints. we are back at 2 million, and we still don't have any business

travel going on. so clearly, i think the story seems to me that it is going to overwhelm the business travel story, at least over the next 12 to 18 months. i am not claiming this will last forever, but there's a huge surge here over the next few quarters. lisa: on the flipside, the supply picture, we have a story about how russia is arguing potentially for an opec less supply increase, a boost based on this increase in demand. you are starting to hear about shale producers in what it would look like to bring a little more production online. how much do you expect that to accelerate? how much does that affect the $100 a barrel call? francisco: it certainly does. my expectation with regards to sale is that we are going to see producers lagging for the most part. remember, there's three elements of this that are going to hold back supply. number one is the fact that

government policies are going to pressure companies to invest less. we are seeing that for oil and gas investments to meet price requirement goals. the second reason is we are seeing investors pressuring companies, whether it is for financial reasons, to see more cash flows coming back, or to reduce investment. the third element is the judiciary. with regards to sale, the judiciary can also get involved legally for decisions. with regards to opec, does opec discipline hold? my guess is it probably will. we have only average $64 a barrel this year. they just want to make up what they lost last year in terms of ground. tom: as we speak, bitcoin breaks down. we've got an intraday chart to help us out here. we've had people on bloomberg talking up bitcoin, its

stability. i am going to cut to the chase. a grizzled pro like you, is bitcoin linked to gold? is there a compare and contrast, a correlation, a relationship between two gold -- a relationship of bitcoin to gold? francisco: i argue that bitcoin has serious environmental issues. tom: china agrees with you. francisco: because they are burning a huge amount of coal to mine those bitcoins. is my take on bitcoin. it was completely uncorrelated. it became more of a risk asset in the past 12 months. it was highly correlated to equities, to mexican peso, to copper. gold is a safe asset. it is correlated to 10 year treasuries, the japanese yen so

are bitcoin -- the japanese yen. so are bitcoin and gold linked? they have very different characteristics. what is going to be the long run story for bitcoin? i don't know. what i know now is it is a risk asset, and gold has been a safe asset for a long time. so i am pretty confident gold stays area bitcoin could keep changing, but for now they are quite inversely correlated. jonathan: you are making such a good point, and i want to finish on this. you can have a risk on asset and a risk off asset both in reflationary environments, so you can be risk on an inflationary environment and bitcoin should do well. you can be in a risk off in an inflationary environment and gold should do well. is that what you are seeing -- is that what you are saying? francisco: that's not quite what

i am saying. if you look at correlations, there's not much there. i think what bitcoin is good for is that it is creating a new ecosystem of value transfer. it is creating a new economic organization in the economy as opposed to the shareholder economy that we have today. that is what i think it ultimately -- what i think is ultimately going to shape up. it is communities of people who transfer value based on these cryptocurrencies. there's a lot of real economic activity, not just criminal gangs. it is a lot of people actually transferring whether it is music or videos or anything they produce via the digital assets. jonathan: it is good to clarify, isn't it? thank you very much. as always, francisco blanch from bank of america. stay tuned at the qatar economic

forum. another conversation on the future of post-pandemic air travel with our friend guy johnson and the ceos from boeing, qatar, and aig. bloomberg terminal subscribers can watch on live . this is bloomberg. ♪

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jonathan: new york city for our audience worldwide, this is "bloomberg surveillance." alongside tom keene it lisa abramowicz, i'm jonathan ferro. the s&p just short of 4220. with fans little more than .1%. yields unchanged at 1.4947 after a huge roller coaster ride over the last several sessions. tom: it has been just that. i would watch what happens today. that will be wrapped around fed speak. jonathan: will be catching up with president williams alongside michael mckee 9:30. mike joining us for a preview. we have had president bullard and president kaplan setting the

stage. what will the pushback sound like in 60 minutes? michael: we got a hint of that from john williams when he said we are still a long way from making the substantial progress he thinks is necessary to start changing monetary policy. the question is what constitutes substantial progress? you have bullard and kaplan sang the rapid drop in unemployment and the rise in inflation suggests may be where getting close to that. does john think we are close to that for many months away? tom: i want to go back to 10 years, john williams putting in the research work at san francisco. the paper was have we underestimated the likelihood of severe zero bound events? 10 years on we have lived it. what will he say about a theory. williams could win a nobel prize. there is no questions. the path to john maynard kynes s

to john williams. what will he say of the validity of on start? michael: his work showed it moved around, it is not a static number. i think he will be defending that, but there are times when you get close to the zero bound it does not come into play. it does not move that much because your interest rates are so low. that also means your economy is not moving weekly. -- is not moving quickly. it is something to keep an eye on whether potential growth rises. the fed forecast with a survey of economic projections is the economy will drop back. it will grow very quickly this year and then it will drop back to around 1.92%.

does not move very much. we can ask him why. lisa: there's also the why the market seems so concerned that our start could move lower should the fed move away from stimulus too early. the question raised after the meeting last week that inflation expectations went lower. how much do you expect him to pushback? michael: it will not pushback on the idea of lower inflation expectations because that means the fed is doing its job. people think they are going to act on inflation if it gets out of control. does it get out of control, does it accelerate too fast? kaplan and bullard and williams have all made the case there is this big debate and uncertainty about what is going to happen. to give you an example of the uncertainty, you have ray dalio

saying we will have runaway inflation, and you have bob prince who runs bridgewater for ray dalio saying we will not. that is the same company. jonathan: that is what tom likes to see. thank you for all of the hard work you've put into these interviews. we will be carrying that at 9:30 eastern time. tom: incredibly important interview. i cannot say enough about that. john williams out of berkeley and he went across the pond. jon ferro, john williams is truly one of our original academic theorists come the only when i can think of in the modern sense in the fed is rich clarida. jonathan: you mentioned richard clarida along with chair powell, you are likely to hear pushback from what we have heard from bullard and kaplan. tom: major pushback and a huge mystery. this goes back to a paper on the

unknown. we have a briefing on this to prepare for our conversation with dr. williams with neil shearing of capital economics. with the wonderful global economics of capital economics, do you believe in our star, do you believe it is a useful number? neal: is it a useful number? it is like all of these comments. they are useful as a theoretical concept. measuring them in real time and the shifts in real-time is fraught with difficulty and i think it leads to policy mistakes. it falls into that bucket of analytical tools. it is useful to have come a useful framework for thinking, but we have to be careful when we translate that into policy. tom: does capital economics

suggest the fed is making a policy error? neil: it comes back to policy. this gets to the heart of the issue with the flexible inflation target regime. it can be interpreted different ways by different policymakers if we had see that play out in the response the fomc meeting last week ended subsequent days. it has been interpreted in different ways by different people. if you're asking if i think we will have double-digit inflation the u.s., no, i do not. do i think for inflation will be higher than 2% over the next three or five years? i will. is that a mistake? the question is if it accelerates beyond that. don't forget in the 1950's and 1960's we had those types of rates of inflation, that was

instrumental in getting government debt ratios back down after the second world war. it would not surprise me if that is what we are trying to head towards today. lisa: there is higher-than-expected and elation and then there's a question of growth. you think we have reached peak growth or do you think we will see it in the months to come? neil: we have reached peak growth, only because the supersized rates of growth we had in the first quarter is all about the burst of activity after economies reopened. that is just unwinding what we saw during the pandemic. the u.s. economy is pretty much back to the same size it was before the pandemic. it is no surprise growth is slowing. what is interesting is what is the trend rate of growth in the economy, the damage to the

supply potential of the u.s. economy and other economies as a result of the pandemic, and from there he jumped to how loose the policy should be and when does that start to generate inflation pressures? the bet in the market is there has been permanent damage to supply potential. that is what central banks are saying. i think there has been permanent damage that will allow economies to run hotter before we start to generate any full inflation pressure. lisa: what data points are looking at for some sort of compass on how to project the future? neil: two things i'm paying close attention to. labor markets is the obvious one. we have seen huge friction in labor markets across the globe. it was never likely the 25 million people that lost their jobs during the pandemic will get back to work quickly and easily. we are starting to see shortages

appear. the question is how quickly to those work through. i am looking at the jobs hard to fill indices, they are critical to sending some light on how transitory the problems are. on the other side of the world, play close attention to asia -- pay close attention to asia. they are leveling off. there are some signs of export. two, that might be the first transition -- the first indication that the transition and spending from services towards goods is starting to undermine -- is starting to unwind and that will way on economies in asia. jonathan: i've been away from the microphone for last couple of weeks. i am a little bit rusty. in a little bit we will catch up with president williams. can you give us a question? neil: i've been looking for

clarity around the flexible average inflation target. how are they interpreting that? exactly what does that mean. jonathan: we need some quantitative guidance, don't wait. neil shearing, capital economics group chief economist. we've not seen the progress some officials want to see. not clear how much progress they want to see. tom: unknown. one of the great parts of john williams's research. someone yesterday had a wonderful research know where they talk about the uncertainty off the chart. jonathan: one key variable is the participation rate in the labor market. what happens with that over the next 12 to 18 months? lisa: and even beyond. we haven't seen a decline in the participation rate the last few decades. -- we have seen a decline in the participation rate in the last few decades.

this is a huge question and a serious policy question around it as well. i am talking about the idea of u bi. that is what is coming up, a conversation with john williams alongside myself and michael mckee on bloomberg radio and bloom or tv. that taking place in about 50 minutes after we have heard so much from president bullard, president kaplan, before the fed begins to push back with little more might. tom: you'll move right on from your 9:00 hour to 3:00 this afternoon. can england leave the euro thingy if they lose? jonathan: no, no. did we do a bracket? did a bracket happen? tom: if you are not here, we

have no interest. lisa: [laughter] tom: scotland and england ties. jonathan: do we still have that simpsons skit? tom: on twitter. i am glad you are back. he sits in a bar with chamomile tea and practices. jonathan: live on tv and radio, from new york city, this is "bloomberg surveillance." ritika: google is facing a european union investigation into its advertising technology. the european commission says it will assess whether the giant breach competition by favoring its own online display advertising technology over rivals. looking for whether google blocked rivals access -- blackstone group has agreed to

by a company that buys and rents single-family homes. it believes the u.s. housing market will stay hot. the investment firm is into reached a deal for home prices in america. that has fallen 7000 houses. gamestop climbed in premarket trading saying it completed a program by selling 5 million shares for $1.1 million. shares of the videogame retailer surged after the announcement. the company says it will use proceeds to invest in new growth initiatives and retaining a strong balance sheet. nfl player carl nassib has announced he is gay, making him the first active player to come out. he revealed the news on instagram, saying he is quiet, but hopes is coming out when not -- hopes his coming out would

prevent others from having to make similar videos in the future. global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. i am ritika gupta. this is bloomberg. ♪

>> people from all around the world should be able to travel to one another's countries.

that is the way it will develop. we have to get a little less politics involved and more science. the vaccines are effective. tom: the gentleman from boeing speaking, their chief executive officer at the qatar economic forum. we are thrilled he could join us for those important comments. lisa abramowicz and i will have a four hour conversation with barry ritholtz because that is how much there is to talk about. to be honest, i've to rip it up and look at bitcoin trying to find a $28,000 level. i took bitcoin to log. one of my support levels is 7000. down way below where we are right now. how do you explain to your clientele what support is on any given asset? barry: it depends on the asset

class. talking about bonds it is yields relative to an elation and -- relative to inflation. when we talk about equities it is earnings and growth rate and a number of other factors. when we look at bitcoin, and arguably you could make the argument -- the same claim about any currency -- it is just the collective delusion of what everybody agrees a currency is worth. when i say delusion, i am not dissing fiat currency or crypto. the fact we can exchange little green pieces of paper with long dead presidents to get goods and services in exchange -- the crypto folks are due was also a collective delusion, but one backed by a standing military and a very robust legal enforcement mechanism to collect taxes. crypto does not have that second

part. while it certainly is a consensus sentiment trade and a momentum trade and a narrative trade, it lacks some of what traditional fiat currency has. tom: this just your writing about how narratives have taken over the market. this -- what is the bitcoin narrative? barry: the great financial crisis led to a massive group of ill advised government interventions. since then, central banks around the world have been printing. therefore, all of these fiat currencies are going to become worthless. your choices either by crypto -- is either buy crypto or hold onto your fiat currency, which will soon be worthless. i tend to tell people send me

all of your worthless u.s. currency and i tell people to dispose of it properly. lisa: there is another narrative that has gained some steam among the hedge fund industry. the likes of troy gayeski of skybridge saying it is the determining factor in your outperformance. it is a macro back -- a macro bet on the worthlessness of fiat currency and the money printing we see. there is a question of whether they are forced sales or whether that narrative gets reversed when you start seeing bitcoin have its worst two day plunge since march 2020 and you start looking at levels we saw 50% below the highs this year. barry: in the battle between china and elon musk, china is winning, at least with crypto. here is the way i think about bitcoin and the rest of the blockchain universe. the technology is very different

than the tradable assets. bitcoin was out $1 trillion and change, smaller than microsoft and apple, baker than home depot -- baker then home -- bigger than home depot or chase. if you think of this as a successful company that has had a great run-up in stock price, it puts it in a different context. it puts the fear of missing out on the next new thing. a lot of people got into this may be late, and watching anything get cut in half is always painful if you are anywhere near the top of that. i do not think we would talk about bitcoin the same way if we thought of this as an individual company. lots of folks are forecasting tesla going to 5000 and bitcoin going to 100,000 and they're all of these crazy forecast.

for the most part the wild outliers do not work well for investors. keep in mind this has yet to come up with a solid use function. hold aside kidnapping in ransomware and other illegalities. we are still waiting for the use case for this. there are a lot of signs blockchain can do interesting things, but after 15 years it has yet to change the nature of our financial economy. tom: we are out of time. wonderful to catch you with bitcoin. we are looking for 28,000. not there yet. barry ritholtz writing for bloomberg opinion. let's get back to the rest of the market. it is about fed speak. this interview with dr. williams of the new york fed is a big deal. lisa: you are seeing a reflation of the reflation trade, at least when you take a look on the margins. interesting to see equities our

range bound. very much looking to see what venture drape out -- what venture jay powell tries to walk back. again, they should not be that unhappy with the reaction. it was not a taper tantrum. there are some concerns that are baked into the market response, and that is the decline in longer-term inflation. tom: you bring up an important point. the way i gauge the pendulum of taper is to look at the vix. it got out 2021 levels. the bottom line is the vix did not get out to 30, it did not get out of 42, and that is your tantrum. lisa: right now it is 17.69. muted action and the implied volatility and treasury yields, the move index. also not showing a huge spike up

in implied volatility going forward. there should be a positive for the fed. this should give them confidence they can start to say no tapering or raising rates safely inflation expectations -- save for inflation expectations. that is the needle they have to threat right now. tom: this is the headline we have to bring you and this will be the talk of global wall street. a small german bank has a minority investor with a great interest. there minority investment is a great investment. that would be from qatar. i am not sure this is that the bloomberg forum, but i will say deutsche bank's top qatari holder says the time is right for mergers. i've never seen that headline. lisa: this speaks to the consolidation among the european banking system. tom: the news flow is quite extraordinary. lisa: it is picking up.

tom: john williams with michael mckee and jon ferro. an important interview. futures fractionally red. an optimistic red. stay with us. this is bloomberg. ♪

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jonathan: from new york city for our audience worldwide. good morning, good morning. futures totally unchanged and

counting down from chariman powell. "the countdown to the open" starts right now. >> everything you need to get set for the start of u.s. trading. this is "bloomberg: the open" with jonathan ferro. ♪ jonathan: from new york, we begin with the big issue. markets turning to chair powell for clarity. >> market players need to focus on what matters. >> what matters is what comes out of powell's mouth. >> is the fed committed to average inflation targeting? >> the market was looking for an excuse to unwind a lot of crowded trades. >> market participants have to tune out the white noise. >> i do not think he wants to walk