Although object-relations theory is becoming a dominant paradigm in psychoanalysis, there is as yet no coherent object-relational theory of the therapeutic process. This article attempts to contribute to the development of such a theory by focusing on the processes in the analyst that lead to the formulation of interpretations. Following a review of the countertransference literature, the thesis that all mutative interpretations are first enacted in the countertransference and that therapists gain awareness of the nature of the transference through these enactments is put forth. A series of clinical vignettes is then offered to illustrate this thesis. Finally, the implications of this point of view, for psychoanalytic technique in general, and the concept of neutrality, in particular, are discussed.