Hiring freeze or just standard slow season?

I’ve been tracking our internal job board for the last two months, and it’s basically a ghost town. Normally, we see a decent amount of churn and backfill activity this time of year, but everything is dead silent. I asked my manager about a headcount gap in our team, and they gave me the most non-answer about 'reassessing organizational priorities' for the upcoming fiscal year. That’s usually corporate speak for 'don't expect any new bodies anytime soon.' I’m concerned that this is a precursor to a wider reduction in force. Usually, when they stop backfilling roles, the next step is trimming the existing fat. I’ve worked through a few downturns before, and this pattern is feeling painfully familiar. Is anyone else seeing these 'reassessment' blockers in other departments, or is it just limited to Engineering? I’d rather know now if the ship is sinking so I can jump early. Any insights from people in HR or Finance would be huge, though I know you guys have to keep quiet. Just trying to figure out if I need to prioritize my exit strategy.