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1. The FBI arrested a Volkswagen official who was once in charge of compliance with emissions standards. FBI alleged he conspired to conceal how VW car pollution

Why it Matters: The Feds have been criticized for just fining delinquent multinationals without jailing executives. This is a change. It's also bad news for VW, which will continue to weather bad press as the case works its way through court.

2. Congressional Republicans hope to eliminate deductions for state and local taxes in reform of the personal tax code, the Hill reports.

Why it Matters: Depending on the design of the proposal, this could take a bite out of economic growth, as states look to cut taxes and services to ease the tax burden on residents. And ideologically, this is not a clear victory for small government enthusiasts, as it will make states increasingly reliant on federal policy, funds, and mandates.

3. Federal Housing Administration will cut insurance fees it charges borrowers, which will save the typical household $500 annually.

Why it Matters: Most housing market indicators are green, but data on credit standards show that financing is still less available today than ten years ago. This decision will help first-time homebuyers afford new homes, and be another tailwind for U.S. real estate in 2017.

What to watch for today: Global oil prices fell again late Monday, on indications that Iranian production would be higher than previously thought.

The path of oil prices Tuesday will indicate traders predictions for data released on U.S. production tomorrow. Cheap oil is no longer an unalloyed good for the U.S. economy, as domestic energy production has soared.

Go deeper

Movie theaters go out of style

Illustration: Sarah Grillo/Axios

Vaccination rates are going up, people are going out to restaurants again — although the new COVID variant may get in the way — but they still aren't rushing back to the movies.

By the numbers: Some 49% of pre-pandemic moviegoers are no longer hitting theaters, according to a study from the film research company The Quorum, as reported by the New York Times.

3 hours ago - Health

Vaccine mandates lose steam in the U.S. while Europe doubles down

Illustration: Sarah Grillo/Axios

European countries are doubling down on pressure campaigns to get people vaccinated just as Republicans continue to wage war — often successfully — against vaccine mandates in the U.S.

Why it matters: The starkly different approaches create a sharp contrast between the regions' approaches to vaccination, even as the Omicron variant rapidly spreads around the world.

4 hours ago - World

Two years of COVID-19

Expand chart
Data: Our World in Data; Chart: Axios Visuals

Two years ago Wednesday, the first case of a mysterious new respiratory disease was discovered in Wuhan, China. Now, the Omicron variant has deepened concerns about just how much longer the coronavirus pandemic will last.

The big picture: More than 5 million people have died since that first case. Most people on earth have lived through some form of lockdown. 54% of the global population has had at least one vaccination, though the shots have been distributed unevenly.