Some major Wall Street banks changed their calls after last week's jobs report to predict a half-point move next month.
But he said the breadth of inflation is still quite high.
Housing, insurance and commodity prices have been among the contributors.
Officials decided unanimously to leave the benchmark federal funds rate in a range of 5.25% to 5.5%.
Traders boosted bets on a June rate cut after the Fed chairman's comments.
Productivity growth has averaged 3.9% the last three quarters.
Overall, firms noted an easing in inflationary pressures in recent weeks.
He suggested rates could go down sooner if inflation falls faster than expected.
“The goal is to make sure we stay on the path,” he said.
The Richmond Fed president defined a soft landing as inflation returning to normal levels while the economy stays “healthy.”
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