When a recession threatens, the Federal Reserve has a trusty method for either preventing it or minimizing its damage: Cut interest rates — by a lot, if necessary.

But what happens when interest rates stay near record lows even in good times?

With the economic expansion on track to become the longest on record, one of the most important beneath-the-radar policy conversations in Washington will take place in the coming months. Fed officials are undertaking the most extensive rethinking of how they set monetary policy since they set a formal target for inflation seven years ago. The results will help determine how long the Fed can keep the good times going and how effectively it will be able to fight the next downturn.

In the near term, any changes are likely to tilt policy in the direction of having lower interest rates for longer periods, with the aim of getting inflation to more consistently average 2 percent (it has been consistently below that level for years). The review comes as President Trump has pressured the Fed toward lower rates, including through public attacks and planned appointments to the central bank’s board of governors.

Led by the Fed vice chairman, Richard Clarida, the assessment is more likely to produce “evolution rather than revolution,” the chairman, Jerome Powell, said in a recent speech. In particular, Fed officials have ruled out raising the 2 percent inflation target, a step that might give it more flexibility to respond to future downturns but would mean less stable prices.