DAVOS, Switzerland — In his first major speech since the inauguration, President Trump said he'd mandate the Fed lower interest rates imminently — a threat that could undermine the central bank's political independence, Axios Macro co-author Courtenay Brown writes.

• Speaking virtually today to the World Economic Forum, Trump re-upped the pressure he placed on the Fed during his first term, which was unusual for a president.
• He criticized former President Biden.
• He called his first few days in office "nothing less than a revolution of common sense."

Trump also outlined some of his goals for his term, Axios' Ivana Saric writes:

• 🛢️ Ask Saudi Arabia and OPEC to "bring down the cost of oil." He said that once oil prices begin falling, he'll "demand that interest rates drop immediately."
• 💰 Ask NATO members to raise their defense spending to 5% of their GDP. Just over half of NATO members currently meet the 2% spending target.
• 📉 Lower the corporate tax rate to 15% — from the current 21% — for companies that "make your product in the U.S."
• 🇷🇺 Meet with Russian President Vladimir Putin soon to discuss a peace deal with Ukraine.

Go deeper: Our Davos takeaways.

DAVOS, Switzerland — Brian Moynihan, chair and CEO of Bank of America, embraced the business optimism that ran rampant at the World Economic Forum this week — with the prospect of reduced regulation energizing attendees.

Inflation and interest rate decreases were getting "overwhelmed" by new rules from the Biden administration, Moynihan told Axios' Courtenay Brown and Mike Allen during an onstage conversation.

• "The question is: How much does [deregulation] uncork in the United States, and how much was being held back?" Moynihan said.

💬 Moynihan, who this month started his 15th year as BofA CEO, said negative economic effects of President Trump's proposed tariffs could be offset by the new regulatory regime.

• That's so long as those tariffs are in the 10-15% range, he added.

Watch a clip ... Share this story.

1. 🚒 Thousands have evacuated after the Hughes Fire near LA exploded in size yesterday. Warm, dry and windy conditions were expected to continue into tomorrow morning, Axios weather expert Andrew Freedman and Bec Falconer report.
2. ⚖️ A federal judge ruled Trump's executive order on birthright citizenship is "blatantly unconstitutional," temporarily blocking it nationwide. Go deeper.
3. 📺 CNN laid off around 200 people — 6% of the workforce — in the network's latest expected round of cuts, CEO Mark Thompson announced. The company plans to invest more heavily in digital, including a cross-device streaming strategy, and will be posting new positions, Axios' Sara Fischer reports.
4. 🏛️ Senate Minority Leader Chuck Schumer (D-N.Y.) called a surprise closed-door meeting today to discuss the party's internal fight over engaging with Republicans, as tough votes lie ahead on Israel and trans rights, Axios' Stephen Neukam scoops.
5. 🧮 Pete Hegseth cleared a major hurdle on the way to confirmation for defense secretary, despite "nos" from Sens. Lisa Murkowski (R-Alaska) and Susan Collins (R-Maine). The Senate voted 51-49 to limit debate on the nomination. Republicans can only lose three votes for him to win confirmation. Go deeper.
6. The Anti-Defamation League condemned Elon Musk for making a series of Nazi-related jokes on X, calling it "inappropriate and offensive to make light" of the "singularly evil" Holocaust. Just days earlier, the ADL had defended Musk over an awkward hand gesture during an inauguration event that drew comparisons to a Nazi salute. Go deeper.

"Emilia Perez" swept up Oscar nominations, announced today, with a total of 13.

• The movie is about a Mexican cartel leader who undergoes gender affirmation surgery to become a woman.

🎥 Other top nominees included "Anora," "The Brutalist," "A Complete Unknown" and "Wicked."

• Snub to know: Nicole Kidman for Best Actress in "Babygirl." Come on!

Full list of nominees.