Ongoing genomic surveillance by the WHO and CDC shows no SARS-CoV-2 variants currently meeting criteria for a new variant of concern, with recent subvariants such as BA.3.2 remaining under monitoring after rising in parts of Europe and the U.S. during late 2025 and early 2026. These strains exhibit notable spike-protein mutations yet have not produced substantial increases in severe illness, hospitalizations, or immune evasion beyond levels seen with prior Omicron descendants. Sustained population immunity from prior infections and updated vaccines continues to limit dramatic shifts, supporting trader consensus that a qualifying new variant of concern is unlikely before 2027 unless unexpected changes in transmissibility or severity emerge.