Credit Agricole CIB in a report said no changes are expected in the Fed's policies but Bernanke's ability to communicate effectively the Fed's strategy over tapering is crucial to determine whether market volatility persists or lessens.

Investors expect a reduction in the Fed's asset purchases later this year. Such stimulus has been a key driver of the rally in stock markets and other asset prices. Markets are also looking to this week's policy meeting for clues on the scale and timing of any reductions.

Benchmark oil for July delivery rose 29 cents to $98.14 per barrel in electronic trading on the New York Mercantile Exchange. The contract rose $1.16 to close at $97.85 a barrel on the Nymex on Friday.

In currencies, the euro rose to $1.3344 from $1.3340 late Friday in New York. The dollar rose to 94.87 yen from 94.34 yen.

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