I had once heard that the priest when consecrating the chalice speaks into the chalice, hence representing the Word and Holy Spirit effecting the consecration. I similarly thought the priest spoke into or toward the host. My son, the liturgical enthusiast, questioned this when I mentioned it, so I did some research. The current missal only says for both consecrations that the priest "parum se inclinat" when he speaks the words of consecration. He bows a little. It does NOT say he speaks into or over the chalice or into the host.
The instructions of the 1962 missal, says that the priest rests his elbows on the altar, inclines his head and speaks "over" the host and the chalice, elevating them slightly. You could interpret that as speaking into, but it certainly isn't a necessary interpretation.
I guess I'll have to read Parsch or Jungmann.