By Martin Baccardax Interest rate traders are starting to bet on the first emergency rate hike from the Federal Reserve since 1979 following the fastest inflation reading since 1982. The fastest inflation in forty years, paired with a Federal Reserve that continues to add liquidity into an already-bloated market, has accelerated calls for a near-term rate hike and boosted the odds of an emergency move over the coming weeks. The CME Group’s FedWatch tool now suggests an 88% chance of a 50 basis point rate hike when the Fed meets next month, up from just 33% last week, following data from the Co…