Robust global surveillance systems from the WHO and CDC, including event-based monitoring of dozens of daily threats and strengthened laboratory networks, underpin the 89.5% market-implied probability against a new pandemic in 2026. Recent localized outbreaks, such as the May 2026 Andes hantavirus cluster on a cruise ship, were rapidly contained with no evidence of sustained human-to-human transmission before symptoms, consistent with the virus’s rodent reservoir biology and low pandemic potential. Ongoing monitoring of avian influenza, Marburg, and other zoonoses shows no model consensus for escalation to epidemic thresholds, while post-COVID improvements in genomic sequencing, wastewater surveillance, and national response capacities have reduced emergence risks. New data releases on respiratory threats are expected through routine WHO updates.