The semantics Vann McGee gives for his 1989 conditional logic is based on Stalnaker’s 1968 semantics but replaces the familiar concept of truth at a world with the novel concept of truth under a hypothesis. Developed here is a semantics of the standard type, in which sentences are true at worlds, only with additional constraints imposed on the accessibility relation and the selection function. McGee conditionals of the form A ⇒ X are translated into Stalnaker conditionals of the form \A (...) > X. An interpretation of the semantics is provided, and a few implications for the theory of indicative conditionals and their probabilities are noted. (shrink)