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Same here. I’ve noticed the exact same shift in tone during our team meetings. That specific buzzword bingo about 'resource rebalancing' is usually corporate speak for 'prepare for layoffs.' My lead is acting exactly the same way—stuttering when headcount comes up and redirecting to project goals that don't even make sense yet. It feels like they know exactly what’s coming but have been told to keep a lid on it until the last possible second. The transparency level is at an all-time low right now.
You aren't imagining things, and it’s definitely not just your department. Everyone I talk to in other regions is reporting the same weird energy. It feels like they’re trying to squeeze out every bit of efficiency before announcing a major cut. When management stops giving the usual canned answers and starts avoiding direct eye contact about future headcount, you know the atmosphere has shifted. I’d suggest keeping your options open and maybe polishing up that resume just in case things take a turn for the worse.