Hiring freezes and budget cuts – anyone else seeing this?

I've been hearing whispers about a pretty significant hiring freeze across multiple divisions. It started a few months back, and now it seems like even essential roles aren't being backfilled. On top of that, my department's budget for external training and even some internal tools has been slashed dramatically. We're being told to 'leverage existing resources' which feels like code for 'figure it out yourselves'. This comes after a period where we were told IBM was investing heavily in innovation and growth. It's hard to reconcile these two narratives. It feels like the money is drying up, and they're preparing for something, even if nothing is officially announced. Has anyone else encountered these kinds of budget tightening measures or seen hiring completely stop in their areas?