March futures on the S&P/TSX index were down 0.3%, by 0718 a.m. ET.
On Monday, two Fed officials said they expected the terminal Fed Funds rate - now at 4.25% to 4.5% - to need to rise to a 5% to 5.25% range to tackle inflation. Both policymakers said fresh inflation data on Thursday will help them decide whether the Fed can slow the pace of interest rate hikes at their upcoming meeting.
Markets are keen on what Powell has to say regarding further monetary policy tightening out of the world's largest economy. The Fed chair is expected to speak on central bank independence at the Riksbank at 0900 ET.
Gold and crude prices ticked higher, but avoided large gains ahead of Powell's speech. [GOL/] [O/R]
The Toronto Stock Exchange's S&P/TSX composite index closed 0.2% higher on Monday, its highest closing level in four weeks as investors weighed chances that central banks would ease the pace of interest rate hikes. [.TO]
Among company news, TC Energy said it was too early to speculate the cost of cleaning up a spill from its Keystone pipeline, as the Canadian company entered into a deal with the U.S. Environmental Protection Agency (EPA).
First Quantum Minerals said it was in talks with the government of Panama to avoid halting operations at its mine over a contract dispute.
COMMODITIES AT 7:18 a.m. ET
Gold futures: $1,990; +0.1% [GOL/]
US crude: $75; +0.5% [O/R]
Brent crude: $80; +0.4% [O/R]
FOR CANADIAN MARKETS NEWS, CLICK ON CODES:
TSX market report [.TO]
Canadian dollar and bonds report [CAD/] [CA/]
Reuters global stocks poll for Canada
Canadian markets directory
($1 = C$1.3392)
(Reporting by Johann M Cherian in Bengaluru; Editing by Shailesh Kuber)
