No new pandemic appears likely before 2028, with traders assigning 79% probability to that outcome. Current CDC and WHO surveillance shows only localized outbreaks—such as Bundibugyo Ebola in parts of the DRC and Uganda, Andes hantavirus linked to a single cruise ship, and routine foodborne clusters—none exhibiting sustained human-to-human transmission or meeting pandemic thresholds. COVID-19 Rt hovers near 1.08 with very low emergency department visits, while H5N1 avian influenza and other zoonotic threats remain under close monitoring without evidence of efficient respiratory spread. Post-2025 WHO pandemic agreement enhancements and improved genomic sequencing have strengthened early detection, reducing escalation risk over the short term despite inherent uncertainties in emerging pathogen dynamics.