Strenuous exercise induces an initial pro- and subsequent anti-inflammatory response, and it has been suggested that this may be one of the ways that regular exercise reduces chronic inflammation and therefore the risk of cardiovascular disease. However, public health recommendations emphasize moderate-intensity physical activity, and it is important to understand whether moderate-intensity exercise has a similar anti-inflammatory effect. Twelve sedentary male volunteers (age 54 ± 4 yr) completed two main trials, moderate-intensity exercise and rest (30 min at 50% maximal oxygen uptake vs. sitting, respectively). There were no significant changes in circulating neutrophils, lymphocytes, monocytes, or serum interleukin-6, interleukin-10, and C-reactive protein concentration over the 7 days following exercise. Similarly, lymphocyte adhesion to cultured endothelial cells and heme oxygenase-1 (HO-1) expression in lymphocytes and monocytes were not affected by walking at any time point. These results suggest that the long-term anti-inflammatory and antiatherogenic effects of regular moderate-intensity physical activity must be explained by something other than a profound net anti-inflammatory response to each exercise bout since a single bout of walking did not lead to a change in various markers of inflammation or lymphocyte adherence to cultured endothelial cells.