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Cortical circuitry must facilitate information transfer in accordance with a neural code. In this article we examine two candidate neural codes: information is represented in the spike rate of neurons, or information is represented in the precise timing of individual spikes. These codes can be distinguished by examining the physiological basis of the highly irregular interspike intervals typically observed in cerebral cortex. Recent advances in our understanding of cortical microcircuitry suggest that the timing of neuronal spikes conveys little, if any, information. The cortex is likely to propagate a noisy rate code through redundant, patchy interconnections.