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The UK gilts market, jittery over the increasing prospect of a April rate hike, will look to the Monetary Policy Committee members' testimony next week for clues on how soon rates will have to rise to curb consumption.
The Bank of England Governor Mervyn King and his team will answer questions from the Treasury Select Committee on the February's Inflation Report on Thursday.
The testimony will be watched closely especially after MPC member Paul Tucker said on Friday interest rates will probably have to continue rising gradually.
Gilts were hurt this week by increasing evidence that the Bank's tightening in November and February did very little to cool the economy.
Data showed British consumers started the new year shopping in earnest and sales remained strong into February, with sales growth in the three months to February rising by 1.9 percent - its fastest since June 2002.
The jobs market is sizzling as unemployment fell to a fresh record low while earnings growth surged at the fastest pace in over two years.

Copyright Reuters, 2004

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