Performance review cycle feels different this year...

So, the annual review is just around the corner, and the vibe is… different. Usually, there's a clear path to a decent bump if you hit your targets. This year, though, the messaging from management seems more focused on "contributing to efficiency" and "demonstrating value in challenging times." My manager alluded to a more "calibrated" approach to compensation increases. It's making me anxious. Are they just setting expectations low, or is there a real push to keep costs down across the board, impacting bonuses and raises? Has anyone else heard similar language or noticed a shift in how performance is being framed in relation to compensation? Trying to prepare myself mentally and financially for what might be a less generous cycle than usual.