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

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

Tony Roth and Luke Tilley |
Capital Considerations with Tony Roth

December 15—The health crisis of the past two years has resulted in acute dislocations among key pockets of the economy, leading to a cycle that is unprecedented. We face inflation that’s at its highest in nearly four decades and the tightest-ever labor market. Chief Investment Officer Tony Roth and Chief Economist Luke Tilley discuss the disconnects within the economy, the anticipated trajectory for inflation, and much more. Please listen to important disclosures at the end of the podcast.

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Eye on Omicron

and Meghan Shue |
Wilmington Wire
Mutating virus variant and cell mutation variants as a health risk concept and new coronavirus outbreak or covid-19 viral cells mutations and influenza background as a 3D render.

December 1, 2021 – Fears around the newest COVID-19 variant, Omicron, have jolted investors out of a holiday lull, sending risk assets lower, bond prices higher, and whipsawing expectations for future Fed policy. We see the Omicron variant as widening the range of possible economic and market outcomes over the next three to six months.

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Updated Outlook for the U.S. Economy

Luke Tilley |
Wilmington Wire
Blue double exposure of money coins stacking with bar graph for financial and investment business concept.

September 20, 2021—Recent economic data have been on the weaker side and is likely playing a part in the mini-swoon we’ve seen in markets, with the S&P 500 index down about 2% from a recent all-time high in early September. The softening in data is in large part due to the spread of the Delta variant in July and August. We are reducing our outlook for the U.S. economy for the remainder of 2021 but still expect solid growth in 2022.

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Strong Labor Market Could Bring Fed Hikes Earlier

Luke Tilley and Rhea Thomas |
Wilmington Wire
Panoramic image of the Federal Reserve Building in downtown Washington DC, USA.

August 9, 2021—Last week’s jobs report was strong for the second month in a row and immediately prompted questions about how it may affect the Federal Reserve’s dovish posture. With 1.9 million combined jobs added in June and July, gross domestic product (GDP) surpassing the pre-pandemic peak in 2Q 2021, and inflation at the highest in decades, it’s natural to think the Fed would normalize policy soon.

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