LONDON — The people who control money had hoped for so much more. The news that the world’s wealthiest countries were convening to orchestrate a response to the deadly coronavirus outbreak had resonated across economies like the sound of whirring helicopters bringing relief to a disaster zone.

But the relief proved underwhelming. As leaders of the Group of 7 nations ended impromptu consultations on Tuesday with only a general expression of solidarity and refrained from concrete action — no pledge to cut interest rates, no promise of coordinated government spending — they underscored an uncomfortable truth animating fears about the virus: Policymakers tasked with limiting its economic damage appear to be laboring under the assumption that their tool kit is nearly empty.

In Washington, the Federal Reserve followed the group’s statement with the surprise announcement that it was dropping short-term interest rates by half a percentage point, momentarily delighting stock markets. But investors soon resumed fearful selling amid the realization that cheaper money is of limited use in combating the crisis. Easier loan terms will not restart production at factories whose workers are being kept home to avoid getting or spreading the illness.

Governments have tools that could limit the costs, but have been reluctant to use them, economists said. They could give cash to employees whose workplaces are shut, provide credit to small businesses and offer rescue packages to industries most affected, like airlines and other tourism-related concerns.