Is anyone else feeling the 'optimization' pressure?

I’ve been at DLR for a few years, and lately, the focus on 'operational efficiency' has been dialed up to an uncomfortable degree. It feels like every project is being scrutinized under a microscope now, and management is constantly asking for justifications for headcount on non-core teams. We aren't hearing the 'L-word' yet, but the energy feels very similar to other firms I’ve worked at right before they did a sweep. Is it just my department, or are people across other orgs seeing the same intense pressure to justify every single task? I’m starting to get nervous that the 'hiring freeze' is just the first step of a much longer process to trim the fat before the end of the fiscal year.