No new pandemic has emerged through mid-2026, with global surveillance from WHO and CDC showing only low-level circulation of known respiratory viruses like SARS-CoV-2 and stable or declining trends in most regions. A May 2026 Andes hantavirus cluster on a cruise ship prompted alerts but produced limited person-to-person spread, consistent with the virus's typical rodent reservoir dynamics and low epidemic potential absent major evolutionary shifts. Regional threats such as Marburg or Ebola remain contained without crossing into sustained global transmission. Enhanced post-2025 preparedness frameworks, including the WHO Pandemic Agreement, alongside routine monitoring of emerging pathogens like influenza D, have further reduced escalation risks, aligning trader consensus with the historical infrequency of novel pandemics.