Steven Kamin is set to step down as director of the international finance division at the U.S. Federal Reserve Board, effective early next year.

Kamin will continue as a senior adviser to the division and will retire after his successor has transitioned into the role.

Kamin oversees the international finance division's work on forecasting the global economy and analyzing movements in global financial and commodity markets.

The Fed will begin the search for Kamin's successor later this year.