Trump’s core cabinet met behind closed doors for several hours at Camp David on Friday. The agenda: the next steps in the war in Iran and the conflict between Saudi Arabia and Yemen’s Houthis. Vice President Vance chaired the meeting, with Secretary of State Rubio, Defense Secretary Hegseth, CIA Director Ratcliffe, and others in attendance.
Three U.S. officials told Axios that the administration did not announce the meeting publicly; such sessions are extremely rare. The last time was June 2025, just days after Israel went to war against Iran.
One official said, “Some things have already been decided.” When asked about the next step, Trump replied only: “Wait and see. Iran’s situation is not good.” My assessment: the policy direction has already been set, and the White House’s refusal to comment effectively says nothing while still communicating a lot. For the markets, this is essentially pushing the uncertainty about Middle East risks into the future. Unless, after the meeting, any disclosed actions have nothing to do with Iran or the Houthis, or unless tensions cool, this line will be rendered moot.
Three U.S. officials told Axios that the administration did not announce the meeting publicly; such sessions are extremely rare. The last time was June 2025, just days after Israel went to war against Iran.
One official said, “Some things have already been decided.” When asked about the next step, Trump replied only: “Wait and see. Iran’s situation is not good.” My assessment: the policy direction has already been set, and the White House’s refusal to comment effectively says nothing while still communicating a lot. For the markets, this is essentially pushing the uncertainty about Middle East risks into the future. Unless, after the meeting, any disclosed actions have nothing to do with Iran or the Houthis, or unless tensions cool, this line will be rendered moot.
