Satellite interferometric synthetic aperture radar is uniquely suited to monitoring year-to-year deformation of the entire Yellowstone caldera (about 3000 square kilometers). Sequential interferograms indicate that subsidence within the caldera migrated from one resurgent dome to the other between August 1992 and August 1995. Between August 1995 and September 1996, the caldera region near the northeast dome began to inflate, and accompanying surface uplift migrated to the southwest dome between September 1996 and June 1997. These deformation data are consistent with hydrothermal or magmatic fluid migration into and out of two sill-like bodies that are about 8 kilometers directly beneath the caldera.