Since the late nineteenth century, physics has been puzzled by the time-asymmetry of thermodynamic phenomena in the light of the apparent T-symmetry of the underlying laws of mechanics. However, a compelling solution to this puzzle has proved elusive. In part, I argue, this can be attributed to a failure to distinguish two conceptions of the problem. According to one, the main focus of our attention is a time-asymmetric lawlike generalisation. According to the other, it is a particular fact about the (...) early universe. This paper aims (i) to distinguish these two different conceptions of the time-asymmetric explanandum in thermodynamics; (ii) to argue in favour of the latter; and (iii) to show that whichever we choose, our rational expectations about the thermodynamic behaviour of the future must depend on what we know about the past: contrary to the common view, statistical arguments alone do not give us good reason to expect that entropy will always continue to increase. (shrink)