LONDON—As inflationary pressures mount worldwide, money markets are charging ahead with pricing aggressive interest rate rises, in most cases betting that policy will be tightened far sooner and at a much faster pace than rate-setters are signalling. Energy prices at multi-year highs and relentless supply chain snarls have raised fears of a future inflation spike, while Norway and New Zealand have become the first developed countries to lift rates as economies recover from the COVID-19 crisis. And hawkish shifts at the Bank of England and the U.S. Federal Reserve lead investors to believe rate hikes are around the corner elsewhere too. Accordingly, interest rate futures are rapidly ramping up rate-hike bets; Britain has seen some of the biggest moves with 19 basis points worth of tightening priced for the BOE by end-2021, versus the 2 bps expected a month ago. For the Fed and the European Central Bank, end-2022 rate …