Lael Brainard, a US Federal Reserve governor, has a reputation earned over many years as a dove, suggesting a leniency toward keeping the easy money flowing into the world's largest economy.

But this week, her transformation to hawk was complete. Brainard opened a speech by invoking the high priest of hawkishness, former Fed chairman Paul Volcker, before outlining the Fed's intention to accelerate the shrinkage of its balance sheet.