We measured soluble markers of inflammation in 23 healthy postmenopausal women after conjugated equine estrogens (CEE) 0.25 mg, raloxifene 60 mg, or placebo, each for 1 month, in a randomized, double-blind, 3-period trial. GEE, but not raloxifene, increased levels of C-reactive protein and matrix metalloproteinase-9 relative to placebo values; however, CEE reduced levels of cell adhesion molecules to a greater degree than raloxifene.