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The act of interpretation in psychoanalysis has a distinct character due to the discursive structure of the psychoanalytic setting. The discourse that issues from the interplay of the fundamental rule and evenly suspended attention is a reflection on reflection. The result is that interpretation instead of being a device for inquiry is itself the object of inquiry. Psychoanalysis does not use interpretation. It is about interpretation itself. This perspective sheds a certain light on longstanding questions about the form and effects of psychoanalytic interpretation.