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Border wall construction in New Mexico. Photo: Jordyn Rozensky and Justin Hamel for The Washington Post via Getty Images

President Biden informed Congress on Thursday that he has terminated the national emergency over the U.S.-Mexico border that former President Trump first declared in Feb. 2019.

Why it matters: Trump used the national emergency proclamation to divert billions of dollars in Pentagon funds toward building a border wall, after it became clear that Congress was opposed to additional funding. The declaration prompted dozens of lawsuits and attempts by Congress to block Trump from fulfilling one his top 2016 campaign promises.

What they're saying: "I have determined that the declaration of a national emergency at our southern border was unwarranted. I have also announced that it shall be the policy of my Administration that no more American taxpayer dollars be diverted to construct a border wall, and that I am directing a careful review of all resources appropriated or redirected to that end," Biden wrote in a letter to congressional leaders.

Go deeper ... Biden's Day 1 challenges: The immigration reset

Go deeper

Feb 10, 2021 - World

Biden announces sanctions against military leaders involved in Myanmar coup

Protests in Yangon, Myanmar. Photo: Santosh Mmr/SOPA Images/LightRocket via Getty

President Biden on Wednesday announced a series of steps in response to last week's military coup in Myanmar, including withholding "$1 billion in Burmese government funds" held in the U.S. and imposing sanctions against the military leaders behind the coup.

The big picture: These are the first sanctions announced by the Biden administration and are part of the president's efforts to re-emphasize democracy and human rights in American foreign policy.

Biden calls Fox News reporter a "stupid son of a b---h" on hot mic

President Biden blasted Fox News' Peter Doocy on Monday after the reporter asked if the nation's soaring inflation is a political liability, saying, "what a stupid son of a b----h."

Driving the news: The Biden administration has faced rising inflation rates over recent months, which it has labeled as "transitory."

Hope King, author of Closer
31 mins ago - Economy & Business

Investors reset their compass

Data: FactSet; Chart: Axios Visuals

The endpoints of a stimulus-fueled market are being defined.

Why it matters: Conditions that drove excess pricing in riskier assets are steadily being removed, and big swings in the market like those seen today are inevitable as investors try to adjust to the new landscape.