Why is secd using 100% of a CPU core?

Installed Monterey about three weeks back, was working fine. About two days ago

I noticed constant CPU busy on secd, averages 100% CPU (one full core), reboot does not fix.

Why is secd always running 100% CPU busy? This is interfering with my actual work.

As stated, reboot changed nothing.

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  System Version: macOS 12.2.1 (21D62)

  Kernel Version: Darwin 21.3.0

  Boot Volume: Macintosh HD

  Boot Mode: Normal

  Computer Name: John's 2019 iMac

  User Name: John R Chadwick (jrc)

  Secure Virtual Memory: Enabled

  System Integrity Protection: Enabled

  Time since boot: 18 minutes 

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Model Identifier: iMac19,1

  Processor Name: 6-Core Intel Core i5

  Processor Speed: 3.7 GHz

  Number of Processors: 1

  Total Number of Cores: 6

  L2 Cache (per Core): 256 KB

  L3 Cache: 9 MB

  Memory: 24 GB

  System Firmware Version: 1715.80.5.0.0

  OS Loader Version: 540.80.2~11

SMC Version (system): 2.46f12

Someone suggested killing CloudKeychainProxy, but it popped back up

and no change in the bad behavior for secd.