Fed's Stockton to Step Down in September

The Federal Reserve's director of Research and Statistics will step down in September after working at the institution's board for three decades, the U.S. central bank said on Tuesday.

David Stockton had been director of the division for 11 years, and is responsible among other things for briefing the Federal Open Market Committee, the Fed's policy-setting arm, on the U.S. economic outlook.

He will retire on Sept. 30.