Preheat the oven to 350°F (175°C). Grease and flour a bundt pan.

In a large mixing bowl, whisk together the flour, sugar, baking powder, baking soda, cinnamon, nutmeg, and salt.

In another bowl, beat the eggs and oil together until well combined.

Gradually add the wet ingredients to the dry ingredients, mixing until just combined.

Fold in the grated carrots and walnuts (if using).

Pour the batter into the prepared bundt pan and smooth the top.

Bake for 45-50 minutes, or until a toothpick inserted into the center comes out clean.

Let the cake cool in the pan for 10 minutes, then invert onto a cooling rack to cool completely.

In a medium bowl, beat the softened cream cheese until smooth.

Gradually add the powdered sugar, milk, and vanilla extract, mixing until smooth and creamy.

Drizzle the glaze over the cooled bundt cake before serving.