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. 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. -from Authors