Current global surveillance by the World Health Organization and Centers for Disease Control and Prevention shows no novel pathogen exhibiting sustained human-to-human transmission capable of meeting pandemic thresholds through mid-2026. Multiple localized outbreaks, including clade 2 mpox, dengue in several countries, circulating poliovirus, and a recent hantavirus cluster, remain contained without widespread geographic expansion or exponential case growth. Strengthened post-COVID surveillance networks, vaccination programs, and early-warning systems have limited spillover risks from threats like Nipah virus. With no major model consensus projecting a new pandemic-scale event by year-end and ongoing preparedness efforts ahead of the September UN High-Level Meeting, trader consensus aligns with these stable epidemiological conditions.