6 Then he answered and spoke to me, saying, “This is the word of Yihvah to Zerubbabel, saying, ‘Not by might, nor by power, but by my Spirit,’ says Yihvah of Hosts.
By My Spirit says the Yihvah of hosts – referring to the Spirit of Christ, who is called “His Spirit” in Zech 7:12. This is the only interpretation that can make sense to Zerubbabel, for the Spirit of Christ was the “Helper” of Israel. The Targum of Zechariah translates this as “Not by strength and not by might, but through my Word, says the Lord of Hosts.” It is the Spirit of Christ who strikes the statue in Dan 2:34, to become a great mountain. The Spirit of Christ walks among the seven golden lampstands in Rev 2:1.
to Zerubbabel – as in Chapter 3, this prophecy is a mixture of the current day, and the future restoration of Jerusalem (New Jerusalem). Zechariah is now speaking about Zerubbabel, the Governor of Judah (Hag 1:1).