In verse 6, he tells us that he waits on the Lord.
In verse 7, he exhorts Israel, and by extension, us, to hope in the Lord. The substantiation for that exhortation is the lovingkindness, character of God, and the redemptive work of God in our lives.
The embedded syllogism tells us that hope in the Lord is hope in His Word, based on the character of God and His redemptive actions.
The implication is that the Word of God is part and parcel to His redemptive purpose, thus Peter is strongly justified in 1 Peter 2:1 – 2.
John 5:39 – 47 tells us that is possible to know the Word and not know Christ. However, it is not possible to know Christ apart from the Word.