I give a semantics for a logic with two pairs of doxastic modals and an indicative conditional connective that all nest without restriction. Sentences are evaluated as accepted, rejected, or neither. Certainty is the necessity-like modality of acceptance. Inferences may proceed from premises that are certain, or merely accepted, or a mix of both. This semantic setup yields some striking results. Notably, the existence of inferences that preserve certainty but not acceptance very directly implies both failure of modus ponens for (...) the indicative conditional in the logic of acceptance and failure of the deduction theorem for the material conditional in the logic of certainty. The latter failure dissolves, in the logic of certainty, the much - discussed tension between modus ponens and the law of import-export. (shrink)