Americans are expected to tighten their budgets this summer according to the 2024 KPMG Consumer Pulse Survey. Consumers Cut Back on Spending: The survey shows a decrease in spending on away-from-home entertainment, dining out, and travel compared to last year. While some companies have raised prices due to inflation, others have reduced product sizes to maintain prices. Economic Impact: Slowing consumer spending may prompt the Federal Reserve to cut interest rates sooner. Consumers are now prioritizing quality over price, benefiting retailers like Ross Stores and Walmart. Economic Outlook: Americans are feeling pessimistic about the economy amidst inflation and high borrowing rates. Despite this, May inflation data has led to speculations that the Federal Reserve may cut rates. In other news, a record number of millionaires are expected to leave the UK this year due to political uncertainty and potential tax hikes. Global Rich Migration: Worldwide, 128,000 millionaires are set to relocate this year, reflecting a growing global trend. Lastly, Nvidia has surpassed Microsoft to become the most valuable company in the world, with a market capitalization of $3.34 trillion. Nvidia's success can be attributed to its unmatched AI technology that powers various systems. Stay updated with the latest news and newsletters by creating an account at CNN.com.