quickly than they used to.

Before, their big tools were all indirect by manipulating the Federal Funds market via open market operations by the NY Fed or lending direct to banks through the discount window. If they thought inflation was coming- even something urgent- their only move was to sell assets off of their balance sheet to reduce excess reserves on the system. Eventually, that would slow down lending by banks because they wouldn’t have the reserves to support it.

But now they have the authority pay interest on excess reserves. If they determine that money is moving too fast and too many excess reserves are now entering the money supply, they can crank up that interest rate as high as they want. That will immediately (and directly) put the brakes on bank lending.

The converse is also true- they can reduce the interest rate or maybe even make that interest rate negative to instantly get more money to move.