About the Author

Luke Tilley

Senior Vice President, Chief Economist

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 Fed Makes Emergency Rate Cut

Luke Tilley |
Wilmington Wire
FED, Federal Reserve with interest rate cut concept, small cube block with alphabet building the word CUT next to Federal Reserve emblem on US Dollar banknote

March 3, 2020—The Federal Reserve cut their short-term interest rate target by 50 basis points to a target range of 1.0–1.25%, the lowest since December 2017, in response to the economic risk coming from the spread of the new coronavirus and the disease it causes, COVID-19. The next scheduled Fed meeting was not until two weeks from now, on March 17-18, so this was done as an emergency meeting, most likely via conference call. Emergency meetings like this are rare, but not unprecedented.


Episode 2: O Productivity, Where Art Thou?

Tony Roth and Luke Tilley |
Capital Considerations with Tony Roth
Tony Luke podcast-img_edit2.jpg

Chief Investment Officer Tony Roth and Chief Economist Luke Tilley of Wilmington Trust Investment Advisors discuss the productivity paradox. Forces such as market creation, firm strategy, consumer surplus, and progress all combine to help explain the disconnect between the productivity we see and the fact that it isn’t reflected in the economic data.


Phase 1 Signed, Sealed, Delivered

Meghan Shue and Luke Tilley |
Wilmington Wire
Five Biggest Mistakes NC.jpg

January 17, 2020 — On January 15, President Trump and Vice Premier of the People’s Republic of China Liu He signed a Phase 1 trade deal, bringing a hiatus—though likely not an end—to two years (almost to the day) of tariff threats and levies on goods traded between the U.S. and China.

The Phase 1 deal covered several areas, some more fully than others.


Jobs Report: A Solid Start to the Year

Luke Tilley |
Wilmington Wire

January 10, 2020 — The first jobs report of 2020 was encouraging and supports our view that the U.S. economy remains strong enough to support equities as we start the new year. The report on jobs added one month ago in December 2019 showed 145,000 jobs added, with 139,000 of them by private employers and the other 6,000 in government. That was roughly in line with the median expectation of 160,000 in the monthly Bloomberg survey. It is a sharp slowdown from the revised 256,000 from November.


A Series of Fortunate Events—Adding to Risk Assets

Luke Tilley |
Wilmington Wire

December 17, 2019 — For the second time in as many months, we have increased our allocation to equities in response to a more optimistic outlook and a clear reduction in macro risks. Our outlook for domestic and global growth is more positive than just a few months ago when global manufacturing and trade were in stark decline and threatened to drag major economies inexorably downward toward recessions.