FRANKFURT (Reuters) - The U.S. election has not changed the Federal Reserve’s outlook for next year as the actual impact of any policy changes would take effect from 2018 and 2019, St. Louis Fed President James Bullard said on Friday.

Speaking to the press in Frankfurt, Bullard said the Fed’s slow pace in hiking rates should not be called normalization, arguing that 25 basis points is not very meaningful in macroeconomic terms and indicates that the Fed is essentially on hold with just very small upward moves.

(Reporting by Balazs Koranyi; Editing by Robin Pomeroy)