About the Author

Luke Tilley

Executive Vice President

Luke is Chief Economist and Head of Asset Allocation and Quantitative Services for Wilmington Trust Investment Advisors (WTIA), a part of the M&T Bank family. 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 IHS Markit) and as an economist for the U.S. Department of Housing and Urban Development.

Luke holds a Ph.D. in economics from Temple University and a bachelor’s degree in economics and history from James Madison University. He is a former adjunct faculty member at Temple University and formerly served on the board of directors of the Pennsylvania Economic Association. In addition, Luke is former president of the Philadelphia Council for Business Economics, a chapter of the National Association for Business Economics.


By the Author

The Russia-Ukraine Conflict

and Tony Roth |
Wilmington Wire
Flag of Russia and Ukraine painted on a concrete wall. Relationship between Ukraine and Russia

February 25, 2022—The Russian invasion of Ukraine this week put an end to months of speculation and brought the crisis to a new phase. As we wrote earlier this week, our investment committee elected to maintain our portfolio positioning. We believe the critical considerations for investors is whether the Russia-Ukraine conflict derails the otherwise optimistic global economic outlook by way of high energy prices (which could sap spending power) or by way of inflation.

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The Russia–Ukraine Conflict and Portfolios: Holding the Line

Wilmington Wire
Flag of Russia and Ukraine painted on a concrete wall. Relationship between Ukraine and Russia

February 23, 2022—The rapidly escalating Russia–Ukraine conflict has dominated the news flow and financial market action over the past few weeks. The S&P 500 on Tuesday hit a new low for the year, correcting -10.25% since January 3. Wilmington Trust’s Investment Committee has been in constant communication and meeting with increased frequency. As of Tuesday, February 22, we are maintaining our current portfolio positioning and continuing to closely monitor the evolving situation.

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Federal Reserve Policy and Outlook

Luke Tilley |
Wilmington Wire

May 16, 2022Topics shared in this publication are:At its May 4, 2022 meeting, the Fed raised rates by 50bps as expected, bringing the target range for the federal funds rate to 0.75% to 1.00%. This was the first hike of that magnitude since May 2000.Chair Powell gave very specific forward guidance for upcoming rate hikes, saying “our expectation is, if we see what we expect to see, then we would have 50 basis point increases on the table the next two meetings.

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Market Selloff & Fed Policy Offer an Opportunity

Wilmington Wire
Stock Market Graph and dollar bill. Red trend line indicates the stock market recession

January 28, 2022—Equity markets stumbled out of the gate in 2022 with U.S. tech-related shares hit hardest. Several factors are driving elevated volatility and investor angst, including geopolitics, disappointing earnings, and increased hawkishness from central banks. While equity market corrections can be unsettling, they can also provide opportunities for long-term investors.

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Fed Positions Itself to React More Quickly if Needed

Luke Tilley |
Wilmington Wire
Federal Reserve Bank of Chicago - part of United States central bank.

December 20, 2021 – As I’ve watched the Federal Open Market Committee (FOMC) of the Federal Reserve get more hawkish over the past months I’m reminded of my days playing lacrosse, specifically being back on defense. When your opponent has the ball you should be in a ready position with your weight on the balls of your feet, evenly distributed, and be ready to react to your left or to your right depending on which way the attacker moves.

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