Ramping up of 'cost-saving' initiatives. Gut feeling?

Lately, it feels like every other meeting is about 'driving efficiencies' or 'optimizing spend.' We're being asked to justify every little thing, and travel budgets are apparently being reviewed with a microscope. It's more than just the usual year-end push. Saw a few people suddenly get 'restructured' out of their roles a couple of months back, nothing announced, just gone. Now there's this heightened focus on costs everywhere. Just feels like they're tightening the belt. Anyone else picking up on this? Is it just a normal business cycle, or is something bigger brewing under the surface? Trying not to panic but the vibe is definitely shifting.