These ups and downs are normal.
I do recommend talking to your report about your feelings, especially if you have a review coming up. If you feel you need more of a challenge then mention it. If you are "personally" in a rut then nothing your job offers will help you out of that...its your own responsibility to dig out of that hole.
40 years ago or more men would stay in the same job for a lifetime, I cant imagine how boring it must have been for some of those guys. Now it appears that its normal to change jobs/professions at least 6 times or more, it keeps the focus clear for most.
If your job description doesn't change and it gives you nothing no matter what you say, then change.
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