Global surveillance systems and rapid response capabilities, bolstered since COVID-19, underpin the 88.5% market-implied odds against a new pandemic emerging in 2026. As of early June, the primary active threat is a Bundibugyo Ebola outbreak in the Democratic Republic of the Congo and Uganda, declared a Public Health Emergency of International Concern by WHO and Africa CDC, with CDC models projecting up to 20,000 cases in three months absent containment. However, Ebola's contact-based transmission limits pandemic potential compared to respiratory viruses, and coordinated interventions are underway. Measles clusters and isolated hantavirus reports remain localized without evidence of sustained global spread. Official monitoring by CDC and WHO shows no novel pathogen meeting pandemic criteria, though climate-driven spillover risks and uneven preparedness highlight ongoing uncertainty.