Strong consumer spending plus rising prices are factors.
The Federal Reserve held interest rates steady on Wednesday as the economy weathers its highest inflation in three years.
Inflation rose for a third consecutive month amid the Iran war, matching expectations.
A key inflation gauge accelerated in April to the highest level in three years, the latest sign that spiking gas prices and higher food costs are squeezing Americans' finances.
Americans are facing price increases on everything from gas to groceries, prompting people to search for new ways to save.
President Donald Trump said Americans' financial situation was "not even a little bit" of a motivating factor for him reaching a deal to end the war in Iran.