He’s scared of them.

If he were to mess with the Fed it would impact Wall Street, particularly by making the market indices go down.

For whatever reason he cares about that in ways he doesn’t care about his approval ratings or the historical norms of the office. See how fast he reached a deal on tariffs earlier in the month when the markets reacted to them? Since then they’ve been slowly leading tariffs to get the message out so when the tariffs come the market will have priced it in.

He’ll get to the Fed. But it won’t be overnight. The administration will start messaging it and choreographing the change long enough before so it won’t spook Wall Street.