Luke Tilley

© 2025 M&T Bank and its affiliates and subsidiaries. All rights reserved.

Wilmington Trust is a registered service mark used in connection with various fiduciary and non-fiduciary services offered by certain subsidiaries of M&T Bank Corporation including, but not limited to, Manufacturers & Traders Trust Company (M&T Bank), Wilmington Trust Company (WTC) operating in Delaware only, Wilmington Trust, N.A. (WTNA), Wilmington Trust Investment Advisors, Inc. (WTIA), Wilmington Funds Management Corporation (WFMC), Wilmington Trust Asset Management, LLC (WTAM), and Wilmington Trust Investment Management, LLC (WTIM). Such services include trustee, custodial, agency, investment management, and other services. International corporate and institutional services are offered through M&T Bank Corporation’s international subsidiaries. Loans, credit cards, retail and business deposits, and other business and personal banking services and products are offered by M&T Bank. Member, FDIC.

M&T Bank Corporation’s European subsidiaries (Wilmington Trust (UK) Limited, Wilmington Trust (London) Limited, Wilmington Trust SP Services (London) Limited, Wilmington Trust SP Services (Dublin) Limited, Wilmington Trust SP Services (Frankfurt) GmbH and Wilmington Trust SAS) provide international corporate and institutional services.

WTIA, WFMC, WTAM, and WTIM are investment advisors registered with the U.S. Securities and Exchange Commission (SEC). Registration with the SEC does not imply any level of skill or training. Additional Information about WTIA, WFMC, WTAM, and WTIM is also available on the SEC's website at adviserinfo.sec.gov.

Private Banking is the marketing name for an offering of M&T Bank deposit and loan products and services. Custom credit advisors are M&T Bank employees. Loans, retail and business deposits, and other personal and business banking services and products are offered by M&T Bank Equal Housing Lender. Bank NMLS #381076. Member FDIC.

M&T Bank

Equal Housing Lender. Bank NMLS #381076. Member FDIC.

Investment and Insurance Products • Are NOT Deposits • Are NOT FDIC Insured • Are NOT Insured By Any Federal Government Agency • Have NO Bank Guarantee • May Go Down In Value

Investing involves risks and you may incur a profit or a loss. Past performance cannot guarantee future results. This material is provided for informational purposes only and is not intended as an offer or solicitation for the sale of any security or service. It is not designed or intended to provide financial, tax, legal, accounting, or other professional advice since such advice always requires consideration of individual circumstances. There is no assurance that any investment, financial or estate planning strategy will be successful.

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Webinar Replay: Midyear Market Check In: Are we climbing toward growth or sliding into risk?

In our recent webinar, our Investment Management team examined the first half of 2025, a year already marked with sweeping legislation, tariffs, and regulatory shifts.

Watch the Replay

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Webinar Replay: Midyear Market Check In: Are we climbing toward growth or sliding into risk?

In our recent webinar, our Investment Management team examined the first half of 2025, a year already marked with sweeping legislation, tariffs, and regulatory shifts.

Watch the Replay

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SIGNATURE CONTENT

Webinar Replay: Midyear Market Check In: Are we climbing toward growth or sliding into risk?

In our recent webinar, our Investment Management team examined the first half of 2025, a year already marked with sweeping legislation, tariffs, and regulatory shifts.

Watch the Replay

Luke Tilley

Chief Economist

Luke is chief economist and head of Economics, Asset Allocation & Quantitative Services for Wilmington Trust Investment Advisors, Inc. (WTIA), the investment advisory arm of Wilmington Trust and M&T Bank. Luke is also a member of WTIA’s Investment Committee.

Prior to joining Wilmington Trust in 2015, Luke was an officer and economic advisor with the Federal Reserve Bank of Philadelphia. Earlier in his career, Luke worked as a senior economist at IHS Global Insight (now part of S&P Global) and as an economist for the U.S. Department of Housing and Urban Development.

Luke holds a PhD in economics from Temple University and a bachelor’s degree in economics and history from James Madison University. He is the current chair of the American Bankers Association’s Economic Advisory Committee; a former president of the Philadelphia Council for Business Economics, a chapter of the National Association for Business Economics; and a former adjunct faculty member at Temple University.

By the Author

Midyear Market Check In: Are we climbing toward growth or sliding into risk?

Tariffs Struck Down by Court: Outlook Unchanged

Trade Thaw and Tax Deals: Shorter Chutes and Emerging Ladders

The First 100 Days: The Trump Administration's Impact on the Economy and Markets

President Trump’s Tariff Reversal: Simultaneous Relief and Concern

New Tariffs, Big Consequences: Preparing for What's Ahead

Gradually, Then Suddenly: Global Trade Shock to Economy and Markets

U.S. Tariff Rates Highest in 119 Years, Recession Risks Rising

The Economy and the Fed: What Does it Mean For You?

Tariff-ied: The Precarious U.S. Consumer

U.S. Tariffs and the Economy: Evaluating the Impacts

Tariff Evolution: Speak Loudly but Carry a Small Stick

Taking Down Risk in a Chutes & Ladders Economy

Investing in a Chutes & Ladders Economy: Gaming Out Portfolios in 2025

Election Aftermath: Impacts on the Economy and Markets

Election 2024: Economic and Market Implications for Decision Day and Beyond

Economy and Markets in Transition: Balancing Optimism and Caution

2024 Midyear Market and Economic Outlook

The Labor Market as the Key to Rate Cuts

Navigating the Economic Terrain: Soft Landing or Inflation Obstacle Course?

Did Powell Jinx the Inflation Data?

2024 Capital Markets Forecast

Soft Landing: Approaching the Runway and Readying for Interest Rate Cuts

Election 2024 Countdown: Economic, Market & Geopolitical Risks in the Year Ahead

Interest Rates in Focus: Assessing the Risks

Analyzing the Fed’s 3 Criteria for Not Raising Rates

Election 2024 Countdown: Economic, Market & Geopolitical Risks in the Year Ahead

Debt Ceiling Drama Takes Center Stage

Fed hikes and finds a plateau…maybe

Economic, Market & Monetary Consequences of Bank Failures

Will the regional bank crisis upend the economy, markets, and Fed?

2023 Capital Markets Forecast: Tipping Points, Challenges, and Opportunities Ahead

Mild Recession in U.S. Likely in 2023

Inflation, the Fed, Midterms & Portfolios: What's Ahead for Markets

Decarbonizing the Energy Supply

Inflation, the Fed, Midterms, and Portfolios: What's Ahead

Recession or No Recession? Depends on your Definition

2022 Economic Halftime Report: Has inflation hit its peak?

Does Quantitative Tightening Pose a Risk to Markets?

Slowing Economy at Risk from Aggressive Fed

Growth Scare or Recession?

Inflation Risk is to the Downside and The Fed Will Need to Slow Down

Capital Expenditures Outlook

“A Dark Day for Europe.” The World Reacts.

“A Dark Day for Europe.” The World Reacts.

Russia–Ukraine: When the Facts Change

Webinar: “A Dark Day for Europe.” The World Reacts.

The Russia-Ukraine Conflict

The Russia–Ukraine Conflict and Portfolios: Holding the Line

Market Selloff & Fed Policy Offer an Opportunity

Fed Positions Itself to React More Quickly if Needed

Episode 44: 2022 Capital Markets Forecast—An Economic Cycle Unlike Any Other

2022 Capital Markets Forecast—An Economic Cycle Unlike Any Other

Fed Might Let off the Gas; Will It Tap the Brakes?

Updated Outlook for the U.S. Economy

Strong Labor Market Could Bring Fed Hikes Earlier

Federal Reserve Speaks, Markets React

Inflation: The Hot Topic on Wall Street

Inflation Heating Up: What Will Make the Fed Want to Dial Down the Temperature?

U.S. GDP Forecast: Stimulus, Savings, and the Path Forward

Disappointing Jobs Report Does Not Change the Outlook

Praise the Fed and Pass the Patience

Stimulus and Inflation Jitters Lead to Stock Market Volatility

Stimulus Update: Going Big

Biden’s Stimulus & Agenda: Predicting the Unpredictable

Disclosures:

© 2025 M&T Bank and its affiliates and subsidiaries. All rights reserved.
Wilmington Trust is a registered service mark used in connection with various fiduciary and non-fiduciary services offered by certain subsidiaries of M&T Bank Corporation including, but not limited to, Manufacturers & Traders Trust Company (M&T Bank), Wilmington Trust Company (WTC) operating in Delaware only, Wilmington Trust, N.A. (WTNA), Wilmington Trust Investment Advisors, Inc. (WTIA), Wilmington Funds Management Corporation (WFMC), Wilmington Trust Asset Management, LLC (WTAM), and Wilmington Trust Investment Management, LLC (WTIM). Such services include trustee, custodial, agency, investment management, and other services. International corporate and institutional services are offered through M&T Bank Corporation’s international subsidiaries. Loans, credit cards, retail and business deposits, and other business and personal banking services and products are offered by M&T Bank. Member, FDIC.
M&T Bank Corporation’s European subsidiaries (Wilmington Trust (UK) Limited, Wilmington Trust (London) Limited, Wilmington Trust SP Services (London) Limited, Wilmington Trust SP Services (Dublin) Limited, Wilmington Trust SP Services (Frankfurt) GmbH and Wilmington Trust SAS) provide international corporate and institutional services.
WTIA, WFMC, WTAM, and WTIM are investment advisors registered with the U.S. Securities and Exchange Commission (SEC). Registration with the SEC does not imply any level of skill or training. Additional Information about WTIA, WFMC, WTAM, and WTIM is also available on the SEC's website at adviserinfo.sec.gov.
Private Banking is the marketing name for an offering of M&T Bank deposit and loan products and services. Custom credit advisors are M&T Bank employees. Loans, retail and business deposits, and other personal and business banking services and products are offered by M&T Bank Equal Housing Lender. Bank NMLS #381076. Member FDIC.
M&T Bank Equal Housing Lender. Bank NMLS #381076. Member FDIC.
Investment and Insurance Products • Are NOT Deposits • Are NOT FDIC Insured • Are NOT Insured By Any Federal Government Agency • Have NO Bank Guarantee • May Go Down In Value
Investing involves risks and you may incur a profit or a loss. Past performance cannot guarantee future results. This material is provided for informational purposes only and is not intended as an offer or solicitation for the sale of any security or service. It is not designed or intended to provide financial, tax, legal, accounting, or other professional advice since such advice always requires consideration of individual circumstances. There is no assurance that any investment, financial or estate planning strategy will be successful.

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