×

CNBC Exclusive: CNBC Transcript: CNBC’s Sara Eisen Speaks with IMF Managing Director Christine Lagarde on CNBC’s “Squawk Alley” Today

WHEN: TODAY, WEDNESDAY, SEPTEMBER 30

WHERE: CNBC'S "SQUAWK ALLEY"

Following is the unofficial transcript of a CNBC EXCLUSIVE interview with IMF Managing Director Christine Lagarde and CNBC's Sara Eisen on CNBC's "Squawk Alley" (M-F, 11AM-12PM ET) today. Following are links to the interview on CNBC.com: http://video.cnbc.com/gallery/?video=3000427506 and http://video.cnbc.com/gallery/?video=3000427498.

All references must be sourced to CNBC.

CARL QUINTANILLA: THE IMF CHRISTINE LAGARDE JUST WRAPPING UP HER CURTAIN RAISER FOR THE IMF WORLD BANK MEETING NEXT WEEK. LET'S GO TO SARA EISEN WHO IS WITH THE MANAGE DIRECTOR THIS MORNING. HEY, SARA.

EISEN: THANK YOU SO MUCH FOR BEING HERE MANAGING DIRECTOR. GOOD TO SEE YOU AGAIN.

LAGARDE: MY PLEASURE. HOW ARE YOU?

EISEN: GOOD SO WE JUST HEARD YOUR SPEECH, AND YOU HAVE BEEN WARNING ABOUT A GLOBAL GROWTH SLOWDOWN FOR A WHILE NOW.

LAGARDE: YEP.

EISEN: HOW MUCH ARE WE TALKING ABOUT? WHAT KIND OF SLOWDOWN ARE WE LOOKING AT?

LAGARDE: THERE IS RECOVERY. DON'T GET ME WRONG, BUT IT IS DEFINITELY SLOWING DOWN, AND IT IS LESS THAN THE RECOVERY WE HAD LAST YEAR, AND WE DON'T FORECAST NEXT YEAR TO BE MUCH MORE THAN WHAT WE EVENTUALLY END UP WITH THIS YEAR.

EISEN: I KNOW BECAUSE OF THE UNCERTAINTY AROUND EMERGING MARKETS AND CHINA, YOU HAVE ASKED THE FEDERAL RESERVE TO BE PATIENT AND HOLD OFF. YOU MUST HAVE BEEN HAPPY THAT THEY DID NOT RAISE RATES A FEW WEEKS AGO.

LAGARDE: I DIDN'T -- I WOULDN'T DARE ASK THE FEDERAL RESERVE TO DO CERTAIN THINGS. AS FAR AS THE FED IS CONCERNED, WE ARE VERY PLEASED TO SEE THE FACT THAT THE DECISION WILL BE DATA DEPENDENT. WE THINK THAT'S VERY, VERY GOOD. WE DON'T SEE MUCH MOVEMENT ON THE INFLATION FRONT, NOR ON THE WAGES FRONT, SO WE ALSO ARE VERY INTERESTED TO SEE THAT THE INTERNATIONAL SCENE IS ALSO PERCEIVED AS LIKELY TO HAVE DOMESTIC EFFECTS AND MAY HAVE BEEN FACTORED INTO THE THINKING. WE'RE NOT ASKING. WE'RE SAYING DATA DEPENDENT, PERFECT.

EISEN: BUT YOU DID PREVIOUSLY SAY PERHAPS IT WOULD BE PRUDENT TO WAIT UNTIL NEXT YEAR.

LAGARDE: WE SAID THAT THE BEST THING IS TO MOVE AND NOT TO HAVE TO MOVE BACK. WHEN THE DATA AND THE INFORMATION ARE WELL ANCHORED -- WHEN THERE IS CERTAINTY, THEN FINE. BUT NO RUSH

EISEN: IT IS NOT THERE YET YOU ARE SAYING.

LAGARDE: WE ARE NOT SEEING IT AND I DON'T THINK THE FED IS SEEING IT EITHER.

EISEN: WELL THERE IS STILL TALK. JANET YELLEN IS STILL TALKING ABOUT AN INTREREST RATE INCREASE THIS YEAR. WOULD THAT BE A MISTAKE?

LAGARDE: I WOULDN'T SAY THAT. I WOULD SAY THAT, AGAIN, LET'S MAKE SURE THAT IT IS DATA-DEPENDENT. IF THE DATA ARE NOT TELLING THAT STORY OF INFLATION RISING A BIT BY DECEMBER, THEN WHY DO IT IN DECEMBER? I THINK THE CHAIRMAN YELLEN WAS ABSOLUTELY RIGHT TO SAY IT SHOULD BE DATA DEPENDENT. SHE'S GONE INTO GREAT DETAILS TO EXPLAIN WHAT DATA, HOW IT SHOULD BE ANALYZE AND SO ON AND SO FORTH. WE WERE VERY IMPRESSED AND HAPPY WITH THAT.

EISEN: WELL, SOME MIGHT SAY IT'S JUST ONE LITTLE HIKE OFF OF ZERO. 25 BASIS POINTS. STILL VERY EASY POLICY. VERY ACCOMMODATIVE. WHAT ARE YOU SO WORRIED ABOUT?

LAGARDE: WE'RE NOT WORRIED, BUT WE THINK THAT THE TRANSITION HAS TO BE MANAGED PROPERLY BOTH AT SOURCE, NO DOUBT IT WILL BE, BUT ALSO AT THE RECEIVING END AS WELL. THOSE DECISIONS HAVE SPILLOVER EFFECTS. THEY HAVE RAMIFICATIONS ACROSS THE WORLD. IT MIGHT BE A 25 BASIS POINTS INCREASE, WHICH IS VERY LOW. YOU ARE RIGHT. IT'S A MOVEMENT AWAY FROM A TREND THAT WE HAVE SEEN FOR NINE YEARS. THE FED HAS NOT MOVED UP FOR NINE YEARS. IF IT MOVES, MOVES ONCE, IT WILL MOVE ANOTHER TIME, AND SO ON AND SO FORTH. SO IT'S AN INDICATION OF A GREAT THING. THE U.S. ECONOMY IS DOING BETTER. SUPERB. IT HAS ALSO, YOU KNOW, SPILL-OVER EFFECTS OUTSIDE, AND IT HAS AN IMPACT ON EXCHANGE RATES. IT HAS AN IMPACT ON THE FINANCIAL CONDITIONS OF THOSE WHO ARE BORROWING ELSEWHERE THAN IN THE UNITED STATES AS WELL.

EISEN: WHEN WE THINK ABOUT THE SPILLOVER, WE THINK EMERGING MARKETS. WE'RE ALREADY SEEING SOME OF THE CARNAGE THERE. YOU MENTIONED FIVE YEARS OF DECLINING GROWTH RATES. WHAT WOULD HAPPEN TO EMERGING MARKETS WHEN THE FED RAISES RATES?

LAGARDE: FIRST OF ALL, LET'S NOT FORGET THAT THE EMERGING MARKETS AND THE DEVELOPING WORLD HAVE BEEN DRIVING GROWTH FOR THE LAST FIVE YEARS. YES, IT HAS BEEN DECLINING, BUT FOR THE LAST MORE THAN FIVE YEARS, ACTUALLY, THEY HAVE DRIVEN GROWTH. THEY HAVE BEEN 80% OF THE GROWTH THAT WE HAVE SEEN. THEY'RE NOW PLAYING A MAJOR ROLE IN THE GLOBAL ECONOMY, WHICH IS WHY THOSE SPILLOVERS AND SPILLBACK EFFECTS ARE SO IMPORTANT. YOU KNOW, FINANCIAL TERMS, ARE GOING TO BE DIFFERENT, AND THOSE WHO HAVE BORROWED IN U.S. DOLLARS, FOR INSTANCE, ARE GOING TO, YOU KNOW, FEEL THE CONSEQUENCES OF THAT CHANGE OF INTEREST RATES GOING FORWARD, AND THERE WILL BE INCREASED VOLATILITY. I THINK SOME OF IT IS ALREADY PRICED IN, BUT THERE WILL BE SOME.

EISEN: SOME MORE PAIN AHEAD FOR EMERGING MARKETS.

LAGARDE: SOME MORE VOLATILITY, AND SOME MORE, YOU KNOW, EVOLUTION BOTH IN TERMS OF FINANCING CONDITIONS AS WELL AS EXCHANGE RATES. YES.

EISEN: YOU WARNED IN YOUR SPEECH JUST NOW OF CORPORATE FAILURES. IS THAT ONE OF THE RISKS YOU'RE LOOKING AT?

LAGARDE: IT IS. IT IS ONE OF THEM. THE EMERGING MARKET ECONOMIES HAVE SEEN THE CULPRITS ACCUMULATE A LOT OF DEBT. DEBT TO FINANCE INVESTMENT, DEBT TO FINANCE INFRASTRUCTURE AND SO ON AND SO FORTH. THEY ARE MUCH MORE LEVERAGED THAN THEY WERE A FEW YEARS BACK. THAT IS A POTENTIAL RISK. ONE THAT THEY HAVE TO HEDGE AGAINST AND, YOU KNOW, WE DON'T HAVE A LOT OF INFORMATION IN DETAILS ABOUT THE HEDGING POLICIES OF THOSE. IT'S ONE THING WHERE WE SAY TO THE POLICYMAKERS, THROUGH THE GOVERNMENTS OF THOSE COUNTRIES, WATCH OUT, LOOK INTO THAT, AND MAKE SURE THAT THERE IS – THERE ARE PRECAUTIONS TAKEN, AND YOU HAVE A SYSTEM IN PLACE, INCLUDING THE JUDICIAL, THE LEGAL SYSTEM, AND THE SAFETY NET THAT IS ARE IN PLACE TO ADDRESS THAT POTENTIAL RISK.

EISEN: CHINA HAS BEEN A BIG SOURCE OF ANXIETY LATELY FOR GLOBAL INVESTORS ON THIS EMERGING MARKETS SLOWDOWN. HELP DRIVING THE EMERGING MARKETS SLOWDOWN. YOU HAVE ACTUALLY BEEN RELATIVELY UPBEAT ABOUT CHINA, THAT THEY HAVE IT UNDER CONTROL. IN FACT I THINK YOU CALLED IT A WELCOME TRANSITION. HOW CAN YOU BE SO SURE THAT THEY ARE ABLE TO MANAGE THE SLOWDOWN?

LAGARDE: WE ARE SEEING IT AS A NECESSARY AND HEALTHY TRANSITION AND ONE THAT MANY HAVE CALLED FOR FOR MANY YEARS. TO MOVE FROM BEING COMMODITY AND INVESTMENT LED TO BEING CONSUMPTION LED FROM BEING MMORE DOMESTICALLY FOCUSED THAN EXPORT DRIVEN. FROM BEING MORE DETERMINED BY MARKET RULES. ALL OF THOSE ARE MASSIVE TRANSITIONS. THEY ARE HAPPENING, AND THEY ARE TAKING PLACE, AND THEY ARE SURPRISING THE WORLD. A LOT OF INVESTORS HAVE BEEN TAKEN A BIT BY SURPRISE IN THE COURSE OF THE SUMMER BY WHAT THEY SAW, BUT THAT IS EXACTLY WHAT WAS EXPECTED, WHAT WE REGARD AS NECESSARY AND HEALTHY. ON CHINA, WE MORE OR LESS MAINTAIN OUR FORECAST FOR THIS YEAR AND FOR NEXT YEAR. WHAT WE ARE SEEING IS A LOT OF SPILLOVER EFFECTS WHICH CERTAINLY WE WOULD NOT HAVE SEEN TEN YEARS AGO. THE TRADE CHANNELS, THE INVESTMENT CHANNELS, THE MARKET CHANNELS, THE COMMODITY CHANNEL, ALL OF THAT IS, YOU KNOW, CONDUCING THE CONSEQUENCES OF THIS NECESSARY SLOWDOWN. WE HAVE TO ADJUST. WE HAVE TO MANAGE THAT TRANSITION.

EISEN: ON COMMODITIES, I MEAN, IT'S ONE THING TO HAVE COMMODITY PRICES FALLING, BUT NOW YOU ARE LOOKING AT ALL SORTS OF DAMAGE FROM GLENCORE TO BRAZIL. I MEAN, DOES THE -- WHAT YOU CALL PROLONGED, SO IT SOUNDS LIKE YOU EXPECT THE COMMODITIES SLUMP TO CONTINUE, START TO WORRY YOU SOME?

LAGARDE: IF YOU LOOK AT THE EVOLUTION BOTH IN TERMS OF METAL PRICES, OIL PRICES, FOOD PRICES – LESS SO FOOD, BUT ON THE OTHER ONES, THERE'S A VERY STRONG CORRELATION BETWEEN THE GRADUAL SLOWDOWN OF CHINA AND THE – NOT JUST RECENT, BUT THE DECLINE OF COMMODITY PRICES OVER THE LAST FIVE YEARS. CLEARLY, IF YOU HAVE A BIG DRIVER OF GROWTH WHICH IS SLOWING DOWN AND DELIBERATELY SLOW IN A MANAGED WAY THERE WILL BE LESS COMMODITY DEMAND ADDRESSED THROUGH THE COMMODITY PRODUCERS AND EXPORTERS. I THINK IT'S A FACT THAT THE WORLD HAS TO GET USED TO, AND THAT THE POLICYMAKERS HAVE TO ADJUST TO, DIVERSIFYING THE ECONOMIES, HEDGING AGAINST THE RISK, CHECKING THAT THEY HAVE ALL THE MACROPRUDENTIAL TOOLS TO MAKE SURE THAT WHAT HAPPENS IN THE CORPORATE WORLD DOES NOT TRANSLATE IMMEDIATELY TO THE BANKING WORLD AND THEN TO THE SOVEREIGN. SO I THINK YES IT IS SOMETHING IT IS A FACT THAT WE ARE GOING TO LIVE WITH FOR QUITE AWHILE.

EISEN: TALKING ABOUT MARKET SWINGS, YOU AND I HAVE TALKED BEFORE ABOUT THE FACT THA THE EQUITY MARKETS IN PARTICULAR HAVE LOOKED A LITTLE DISCONNECTED FROM REALITY AT TIMES OVER THE LAST FEW YEARS. A LITTLE EXUBERANT. YOU WOULD NEVER USE THE WORLD BUBBLE, BUT SOME DO. NOW WE HAVE CORRECTED, AND WE'RE SEEING ALL SORTS OF VIOLENT SWINGS, MARKETS IN TURMOIL. DOES THIS FEEL LIKE A NORMAL, HEALTHY ADJUSTMENT TO THE FUNDAMENTALS OF SLOWING GLOBAL GROWTH OR IS THERE SOMETHING SCARIER GOING ON?

LAGARDE: WELL, IT IS PROBABLY A NECESSARY ADJUSTMENT. YOU KNOW, WHAT WE SAW ON THE SHENZHEN AND THE SHANGHAI MARKET IN THE SUMMER WHERE IT INCREASED BY ABOUT 80%. WENT DOWN BY HALF. WELL, THAT'S A NECESSARY AND PROBABLY QUITE HEALTHY ADJUSTMENT HOWEVER ABRUPT THAT WAS. WE ARE GOING TO FACE THAT REALITY. WHAT I'M MORE CONCERNED ABOUT ACTUALLY IS WHAT IMPACT IT HAS ON PEOPLE, WHAT IMPACT IT HAS ON THE REAL ECONOMY, YOU KNOW, WHETHER PEOPLE ARE GOING TO KEEP THEIR JOBS, WHETHER THE CORPORATES ARE GOING TO BE ABLE TO READJUST AND DIVERSIFY. I THINK THAT'S FAR MORE IMPORTANT AND MORE LONG-TERM.

EISEN: YOU THINK IT'S A RISK TO THE U.S. ECONOMY, WHAT'S HAPPENING WITH FINANCIAL STABILITY?

LAGARDE: I THINK THIS SHOWS FINANCIAL STABILITY IS GOING TO HAVE MORE IMPACT OR DIRECT IMPACT OUTSIDE THE UNITED STATES. BUT YOU KNOW, MARKETS ARE FAIRLY UNPREDICTABLE AND THEY DON'T LIKE UNCERTAINTY. SO THAT'S THE REASON WHY WE BELIEVE THAT GOOD COORDINATED POLICIES BY THE POLICYMAKERS WOULD HELP REINFORCE CONFIDENCE AND PREDICTABILITY.

EISEN: WE HAVEN'T HEARD FROM YOU SINCE THE GREEK RESOLUTION, NONRESOLUTION. ANOTHER EPIC SHOWDOWN OVER THE SUMMER OVER GREEK DEBT. HUNDREDS OF BILLIONS OF DOLLARS HAVE BEEN SPENT BAILING OUT GREECE, INCLUDING SOME FROM THE IMF. HAS THE GREEK CRISIS BEEN SOLVED, OR HAS THE CAN JUST BEEN KICKED DOWN THE ROAD EVEN FARTHER?

LAGARDE: YOU KNOW, THE LATEST DEVELOPMENT WAS MID-AUGUST. I REMEMBER CLEARLY. BECAUSE WE SPENT QUITE A BIT OF TIME ON CONFERENCE CALLS IN THE MIDDLE OF THE SUMMER.

EISEN: I IMAGINE.

LAGARDE: BUT THERE HAVE BEEN MORE RECENT DEVELOPMENTS. I THINK THE POLITICAL ELECTIONS THAT TOOK PLACE ABOUT TEN DAYS AGO AND THE FORMATION OF THE NEW GOVERNMENT ARE CERTAINLY STABILITY FACTORS IN THE GREEK LANDSCAPE, AND I CERTAINLY HOPE THAT IT WILL HELP TO IMPLEMENT THE REFORMS THAT THEY HAVE NEGOTIATED IN THE COURSE OF THE SUMMER. SO IT'S, AGAIN, GOING TO BE WHERE IS THE IMPLEMENTATION, HOW QUICKLY, AND AS FAR AS THE IMF IS CONCERNED, WE ARE PREPARED TO ENGAGE, YOU KNOW, UNDER CERTAIN CONDITIONS.

EISEN: BUT YOU WANTED A DEBT WRITE-DOWN AND SO DID MANY OTHERS. GERMANY BLOCKED THAT. ARE THE GERMAN POLICIES AND THE GERMAN MENTALITY HURTING THE REST OF EUROPE?

LAGARDE: WE ARE TALKING ABOUT DEBT RESTRUCTURING, WHICH IS NOT A CUT, BUT IT IS A RESTRUCTURING – MATURITY, INTEREST RATES, THAT SERVICE FRANCHISE FOR A PERIOD OF TIME. AND THAT CAN ONLY TAKE PLACE IF THERE IS RESCIPROCITY. WHAT I MEAN BY THAT IS IF THE GREEK AUTHORITIES AND THE GREEK PEOPLE ACTUALLY IMPLEMENT THE REFORMS AND GO TOWARDS, YOU KNOW, MORE FISCAL STABILITY. A REFORM OF THE OLD CLIENTELE-BASED SYSTEM. IF THEY TAKE SERIOUS DECISIONS ON THE PENSION FRONT, THEN CLEARLY ON THE OTHER SIDE, THE PARTNERS HAVE TO LOOK AT ALLEVIATING THE BURDEN OF DEBT OVER A PERIOD OF TIME. YEAH.

EISEN: LET'S TALK ABOUT THE PROBLEMS HERE IN THE U.S. THE POLITICAL ISSUES IN THE U.S. NOW THAT HOUSE SPEAKER BOEHNER HAS STEPPED DOWN. WE'RE FACING ANOTHER LOOMING SHUTDOWN DEADLINE IN THE NEXT 12 HOURS AND POTENTIAL DEBT CEILING ONE COME NEXT FALL LATER IN THE FALL OR EVEN IN THE WINTER. ARE THE POLITICAL PROBLEMS AND UNCERTAINTIES HERE A HEADWIND TO GROWTH AND WHAT HAS BEEN THE GLOBAL BRIGHT SPOT FOR THE IMF, WHICH IS THE U.S.?

LAGARDE: YOU KNOW, I REMEMBER WHEN I JOINED WE HAD THE SAME ISSUES. SO THE MORE IT CHANGES, THE MORE IT IS THE SAME. AND I'M JUST WONDERING WHETHER ECONOMIC KEY PLAYERS ARE NOT GETTING USED TO IT, WHICH WOULD BE A PITY BECAUSE I THINK, YOU KNOW, POLICYMAKERS ARE PLAYING A ROLE IN BUILDING CONFIDENCE, REMOVING UNCERTAINTY, GIVING PREDICTABILITY TO A SYSTEM. I HOPE THAT IS THE CASE. UNCERTAINTY IS NOT HELPFUL. WHEN WE SEE AN ECONOMY THAT IS, YOU KNOW, AT THE MOMENT, LEADING THE GLOBAL CHARGE BY HAVING A REASONABLY GOOD GROWTH, IT'S A PITY NOT TO LEVERAGE THAT.

EISEN: WHAT DO YOU THINK OF DONALD TRUMP?

LAGARDE: I DON'T KNOW HIM PERSONALLY.

EISEN: WELL, YOU DO. I KNOW YOU DON'T LIKE TO PLAY POLITICS, BUT THE IMF DOES LOOK AT THE FISCAL POLICIES OF COUNTRIES. IN FACT, YOU JUST SAID THAT THE U.S. NEEDS AN URGENT SOUND FISCAL POLICY ALONG WITH JAPAN. I JUST WONDER WHAT THE ECONOMIC AND FISCAL PROSPECTS OF THIS COUNTRY WOULD BE UNDER A PRESIDENT TRUMP?

LAGARDE: YOU KNOW, WE'RE SAYING FOR THE FISCAL POLICY THAT THE COUNTRY NEEDS A MEDIUM-TERM ANCHOR, AND THERE ARE CLOUDS ON THE HORIZON. WHETHER IT'S ENTITLEMENT, WHETHER IT'S PENSION, WHETHER IT'S THE AGING POPULATION THAT REQUIRES HEALTH SERVICES AND SO ON AND SO FORTH. IT NEEDS TO BE PROPERLY ANCHORED. WE'VE BEEN SAYING THAT FOR THE LAST THREE OR FOUR YEARS, AND I REPEAT IT. IT NEEDS TO BE ANCHORED, WHICH DOESN'T MEAN TO SAY THAT WE NEED ABSOLUTE AUSTERITY TODAY.

EISEN: FINALLY, I WANT TO ASK ABOUT YOU YOURSELF. YOU'RE ACTUALLY IN YOUR FINAL YEAR AS MANAGING DIRECTOR. TERM ENDS JULY –

LAGARDE: DOES IT LOOK LIKE IT? YES, PROBABLY.

EISEN: NO, IT DOESN'T. BUT IT HAS BEEN AN EVENTFUL ONE. WE HAVE A NEW CRISIS TO TALK ABOUT EVERY TIME WE GO INTO ONE OF THESE SEMI-ANNUAL MEETINGS.

LAGARDE: THAT'S TRUE.

EISEN: WHAT DO YOU HOPE TO ACCOMPLISH OVER THE NEXT FEW MONTHS, AND THEN WHAT'S NEXT?

LAGARDE: WELL, OVER THE NEXT WEEK, ACTUALLY, BECAUSE THE 188 MEMBERS WILL BE MEETING IN LIMA, PERU FOR THE FIRST TIME IN THE LAST 50 YEARS, AND I HOPE THAT THEY CALL US AROUND THE NECESSITY OF AN UPGRADE OF THEIR POLICIES. I THINK MANY OF THEM ARE DOING SOME RIGHT THINGS, BUT IT NEEDS TO BE UPGRADED IN VIEW OF THE URGENCY AND IN VIEW OF THE SIZE OF CHALLENGES THAT WE ARE FACING. SO WE WILL PUSH THAT VERY STRONGLY, AND IT NEEDS TO BE A COLLECTIVE UPGRADE. IT CAN'T BE JUST I'M DOING MY OWN THINGS IN MY OWN BACKYARD. IT'S A COLLECTIVE ISSUE.

EISEN: WELL, HOPEFULLY WE'LL TALK TO YOU A FEW MORE TIMES BEFORE THAT.

LAGARDE: SO DO I.

EISEN: THANK YOU VERY MUCH, AS ALWAYS. MADAM CHRISTINE LAGARDE, THE MANAGING DIRECTOR OF THE IMF. WE'LL SEND IT BACK TO YOU IN NEW YORK, CARL.

About CNBC:

With CNBC in the U.S., CNBC in Asia Pacific, CNBC in Europe, Middle East and Africa, CNBC World and CNBC HD , CNBC is the recognized world leader in business news and provides real-time financial market coverage and business information to approximately 371 million homes worldwide, including more than 100 million households in the United States and Canada. CNBC also provides daily business updates to 400 million households across China. The network's 15 live hours a day of business programming in North America (weekdays from 4:00 a.m. - 7:00 p.m. ET) is produced at CNBC's global headquarters in Englewood Cliffs, N.J., and includes reports from CNBC News bureaus worldwide. CNBC at night features a mix of new reality programming, CNBC's highly successful series produced exclusively for CNBC and a number of distinctive in-house documentaries.

CNBC also has a vast portfolio of digital products which deliver real-time financial market news and information across a variety of platforms. These include CNBC.com, the online destination for global business; CNBC PRO, the premium, integrated desktop/mobile service that provides real-time global market data and live access to CNBC global programming; and a suite of CNBC Mobile products including the CNBC Real-Time iPhone and iPad Apps.

Members of the media can receive more information about CNBC and its programming on the NBC Universal Media Village Web site at http://www.nbcumv.com/mediavillage/networks/cnbc/.