Strong genomic surveillance worldwide shows no SARS-CoV-2 lineage currently meets WHO or ECDC criteria for a variant of concern, supporting traders’ 91% implied probability that none will be designated before 2027. Existing strains such as BA.3.2 and sublineages of NB.1.8.1 or XFG remain classified only as variants under monitoring or interest, with limited immune escape, no marked rise in severity, and low overall prevalence in the United States and Europe through mid-2026. BA.3.2 detections peaked regionally in late 2025 but stabilized without rapid dominance or public-health impact. Continued population immunity from prior infections and updated vaccines, alongside routine monitoring of wastewater and traveler data, reduces the near-term likelihood of a high-impact shift. Any sudden evolution could still alter this outlook, yet recent patterns indicate gradual change rather than abrupt escalation.