In the expression $\frac{1}{b}\pmod m$, where $(b,m)=1$, is $\frac{1}{b}$:
a) a rational number (and so rational numbers are defined in modulo arithmetic using multiplicative inverses)?
b) just created notation for $($the inverse of $b)\pmod m$ that looks like division just to confuse us (and is used because of similarities between division and division $\pmod m$)? (same for $b^{−1}$)
Is it a) or b)?
Here it says it is a).
Bill Dubuque from M.SE seemingly claims it is b). So does a comment here, also this blog.
Edit: now that I thought about it, either
1) the notation $\frac{a}{b}$
2) or the definition $a\equiv b\pmod {m}\iff m\mid a-b$
is misleading. 1) seems a lot more likely, since I'm not sure how the $\bmod$ function could be defined otherwise.
Generally this is notation for multiplicative inverse.
To 'mod' by $m$ simply means saying that $m = 0$. When we just consider integers, we get modular arithmetic. If we consider $\{\frac{a}{b}:a,b\in\mathbb{Z},(b,m)=1\}$ we get a subset of the rationals which we can mod by $m$ and arithmetic works in the same way. This means in some sense that a) and b) are true, just looking at the notation in different ways.
We can't simply mod all the rationals, because things like $\frac{1}{m}$ don't make sense.
In practice, considering it as multiplicative inverse is easiest, but both approaches are essentially the same.