This paper develops a trivalent semantics for indicative conditionals and extends it to a probabilistic theory of valid inference and inductive learning with conditionals. On this account, (i) all complex conditionals can be rephrased as simple conditionals, connecting our account to Adams's theory of p-valid inference; (ii) we obtain Stalnaker's Thesis as a theorem while avoiding the well-known triviality results; (iii) we generalize Bayesian conditionalization to an updating principle for conditional sentences. The final result is a unified semantic and probabilistic (...) theory of conditionals with attractive results and predictions. (shrink)