Inclusion Criteria:  all participants 18-65 years Normal (or corrected to normal) vision  participants with MDD  Meet the Diagnostic and Statistical Manual of Mental Disorders (DSM-5) criteria for MDD Safety screened for TMS and MRI safety Stable psychiatric medication regime for > 1 month  Exclusion Criteria (all participants):  Premorbid IQ estimate < 70 Past or present neurological problems (including seizures and head trauma resulting in neurological or cognitive sequelae) Loss of consciousness > 30 minutes or any loss of consciousness with neurological sequelae Major medical conditions (e.g., seizure disorders, treatment with anticonvulsant medication, endocrine disorders, significant cardiac pathology), or other physical conditions if they preclude participation in EEG, TMS, or MRI protocols (e.g. peripheral nerve damage, limb paralysis etc.) Substance dependence, within the past year, current (past 3 months) substance misuse, or failed urine toxicology on the day of neuroimaging sessions Known claustrophobia Pregnancy (a pregnancy urine test will be conducted to rule-out pregnancy)  Exclusion criteria (Participants with MDD only)  Past or present DSM-5 (SCID-5) 'Schizophrenia Spectrum or Other Psychotic Disorder' diagnosis Past or present DSM-5 (SCID-5) Bipolar and Related Disorders Diagnosis Past or present DSM-5 (SCID-5) MDD with psychotic features (mood congruent or mood incongruent) Past or present DSM-5 (SCID-5) Gambling Disorder  Exclusion Criteria (HCs only)  • DSM-5 (SCID-5) criteria for any psychiatric disorder