Do moods have intentional objects? If so, what kinds of intentional objects might they have? Some theorists hold that moods are objectless affective states, not ‘about’ anything. Others argue that moods are directed toward a maximally general object like ‘the world’, and so they are about everything, in some sense. In this article, I advance a new theoretical account of the intentional object of moods. According to what I call the ‘present-situation view’, moods are directed toward, or about, the present (...) situation. In other words, a mood is essentially an interpretation of one’s current situational context. As such, our moods change over time in a way that tracks our changing sense of how things are going, here and now. This article aims to make the case that the present-situation view, so understood, offers unique theoretical resources to describe and explain how we experience moods and how they change over time, while also suggesting a helpful way to think about the functional role moods play in our broader cognitive architecture, and pointing toward promising directions for future research into the ways that moods can be experienced, managed, and shared. (shrink)