Economic Indicators: Broad economic trends like inflation, GDP growth, and employment data influence interest rate expectations and overall market sentiment, thus impacting money market funds like FHSXX.

Interest Rate Environment: Changes in the Federal Reserve's policies and benchmark interest rates directly affect the yields of money market instruments held by FHSXX.

Credit Risk: The creditworthiness of the issuers of securities held by FHSXX, such as commercial paper or repurchase agreements, can impact the fund's NAV if defaults or downgrades occur.

Supply and Demand: Investor demand for safe-haven assets, driven by market volatility or risk aversion, can increase or decrease the price of FHSXX shares.

Fund Expenses: Management fees and operating expenses charged by Fidelity will reduce the net yield and potentially affect the fund's attractiveness relative to competitors.

Regulatory Changes: New regulations affecting money market funds, such as liquidity requirements or risk-weighting rules, can influence fund strategies and returns.