From conversations I've had, it sounds like the company is still working to align spending with current business realities. One of the innovation leaders I respect shared that August and September are expected to be particularly challenging as organizations work toward their headcount targets. Many innovation teams are reportedly running more than 3% above their planned staffing levels, which means difficult decisions are likely ahead.
If that's the case, it's going to be an anxious summer for a lot of people. My advice is to focus on what you can control: deliver meaningful work, support your teammates, keep learning, and take care of yourself.
Enjoy the summer where you can. The months ahead may test a lot of us.