The Federal Reserve held short-term borrowing rates near zero in a decision Thursday that characterized the economy as growing but not near where it was before the coronavirus pandemic hit.

As markets widely expected, the Fed kept its benchmark interest rate anchored in a range between 0%-0.25%, where it has been since an emergency cut seven months ago in the early days of the coronavirus pandemic.

Chairman Jerome Powell noted, however, that he thinks the Fed still has plenty it can do to help the recovery.

“Is monetary policy out of power or out of ammunition? The answer to that is no, I don’t think that,” Powell said during his post-meeting news conference. “I think that we’re strongly committed to using these powerful tools that we have to support the economy during this difficult time for as long as needed and no one should have any doubt about that.”

There were few language changes in the post-meeting statement from the Federal Open Market Committee, though the panel did note that the economy continues to struggle.

“Economic activity and employment have continued to recover but remain well below their levels at the beginning of the year,” the statement said.

The language is a slight downgrade from the September statement that noted economic activity had “picked up in recent months.”

Markets reacted little to the Fed news, with stocks continuing their rally while the dollar was lower.