Inferential rules as Dynamic Semantic Values Abstract What is an inferential rule? Upon consideration of Lewis Carroll’s regress, philosophers are almost unanimous in taking inferential rules to be something different from principles, or propositions. For example, it is taken to be the import of the regress that the rule of modus ponens must be something different from the principle that if `p’ is true and `if p then q’ is true, then `q’ is true. But if not that general principle, what is then an inferential rule? We are often told that they are to be identified with schemata, or forms (see especially Sanford 2011). But these views do not seem to really clarify the nature of inferential rules and face the objection of mysteriousness. In this paper, I argue that inferential rules are better understood as dynamic semantic values. In my proposal, I generalize to the more general logic case Bernard Nickel (Philosophical studies, forthcoming)’s recent view of inferential semantics as a special sort of dynamic semantics. I argue that the resulting view has the advantage of dispelling the mysteriousness objection to the appeal to inferential rules. In the ending, I discuss my view in “Practical senses” (Philosophers’ Imprint, 2015) in the light of this proposal. In this essay, I claim that practical senses to be thought on the model of a special sort of inferential rules --- so-called operational semantic values --- that are ordinarily invoked by operational semantics for programming languages. I conclude that if inferential rules are quite generally to be thought of as dynamic semantic values, then operational semantic values themselves are better thought of as a sort of dynamic semantic values, and so are practical senses.