Line length changes from several baselines in a trilateration network within the Long Valley caldera clearly define a decrease in strain rate from June 1983 through October 1985. The data consist of more than 1600 length measurements on 23 baselines using a two-color geodimeter, which has a precision of 0.2 ppm of the line length. Initial measurements made during the summer of 1983 show extension rates were as high as 6 ppm/yr on some baselines. The rates subsequently decreased steadily, to less than 1 ppm/yr during the summer of 1985. Ih contrast, the strain rates on a few other baselines were less than 0.2 ppm/yr averaged over the 2.3-year interval. A model is constructed using these observations as well as yearly observations of a trilateration network within and near the caldera. The model contains two points of inflation located at 5 and 10 km beneath the resurgent dome of the caldera plus dextral slip on a fault plane within the south moat within an elastic half-space. To mimic the observed time dependence in the two-color geodimeter data, we conclude that the rates of both slip and inflation have steadily decreased over the survey interval. Because the two-color geodimeter network is closer to all three sources than the single-color geodimeter network, these data are important for defining the factor of 2–3 rate decrease of slip and inflation. Comparing our estimates of slip and inflation with similar estimates for the year prior to July 1983, we conclude that the rate decrease is probably a result of postseismic and postinflation relaxation following the earthquake swarm in the south moat in January 1983.