Ralph DelGuidice is a Global Macro Strategist at Pavilion Global Markets, an independent private firm based in Montreal, Canada. As part of the Macro Research Team, he writes on a full range of macro issues. Prior to this, DelGuidice was a Founding Partner of Friedman Billings Ramsey, where he ran the fixed income trading business. He has more than 35 years of experience in the capital markets, specializing in financial regulation, bond market funding, and the money markets.