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The building controversy encompassing the Trump administration has not had a significant impact on the economy yet, but markets should ready for continued political volatility, St. Louis Fed President James Bullard said today.

Gridlock on the main policy issues has become the norm in Washington, Bullard added, so if events continue to hinder those kinds of decisions, it will not change the current outlook.

"The Trump campaign was unusual, unconventional ... and you expected an unconventional president. You have more volatility than you are used to in the policy sphere," Bullard said. "At least for 2017 I don't see this as having particular implications that I can draw at this point."

Jim Cramer and Real Money columnists discuss the latest from President Donald Trump and the GOP efforts to repeal and replace the Affordable Care Act. See which stocks they are discussing and get his insights or analysis with a free trial subscription to Real Money.

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