This week, we get major updates on both the policy and economic front.

First, the European Central Bank (ECB) meets Thursday to decide its next major policy move. Speculation is running rampant that the ECB will follow the lead of the U.S. Federal Reserve and Bank of Japan, and shift the printing presses into overdrive. 

Second, the Labor Department will release the all-important May jobs report Friday. This is the most important economic report in any given month. The reason? Many investors are desperately seeking signs that it was a weather-driven, short-term bump in the recovery’s road rather than a major trend change. This report could go a long way toward settling the debate.