Few remarks capture the ambiguity of central banking as sharply as former Fed Chair Alan Greenspan's oft?quoted line: "I know you think you understand what you thought I said, but I'm not sure you realise that what you heard is not what I meant." It is a fitting lens through which to view the State Bank of Pakistan (SBP)'s recent 100 basis points increase in the policy rate – an action that, beyond its stated intent, has left markets and industry grappling with what exactly the central bank is trying to signal. [...]