Inflation data, bank earnings, Saks files for bankruptcy and more in Morning Squawk

Company Updates - Saks Global, a luxury retailer, has filed for Chapter 11 bankruptcy protection after running out of cash, allowing it to reorganize its business and manage debts [3] - Former Neiman Marcus CEO Geoffroy van Raemdonck has been appointed as the new CEO of Saks, succeeding Richard Baker, who held the position for only two weeks [4] - Saks has secured a financing commitment of approximately $1.75 billion, which is crucial for its restructuring efforts [4] Industry Insights - The core reading of December's consumer price index showed a monthly gain of 0.2% and an annual increase of 2.6%, which was lower than economists' expectations of 0.3% and 2.7% respectively [6] - The producer price index, a key indicator of wholesale cost growth, is set to be released soon, providing further insights into inflation trends [6] - Meta is shifting focus from virtual reality to artificial intelligence, resulting in a 10% staff reduction in its Reality Labs unit, equating to over 1,000 jobs [11]