Recent developments in the Andes virus outbreak linked to an Antarctic cruise ship have elevated trader expectations for a CDC Level 3 Travel Health Notice by year-end, with the market currently implying a 75.5% probability of “Yes.” On May 8 the agency activated its Emergency Operations Center at the lowest Level 3 response tier after confirming cases and three deaths among dispersed international passengers, prompting enhanced U.S. state-level monitoring. Ongoing measles surges and sustained H5N1 avian influenza detections in humans add further epidemiological pressure, consistent with historical patterns of multiple Level 3 notices issued annually for comparable outbreaks. No Level 3 travel advisory exists yet, however, and official assessments continue to rate public risk as low. Weekly CDC surveillance updates and global case tracking through the summer will provide the next decisive data points that could shift consensus.