The contrast mechanism in functional MRI (fMRI) results from several vascular processes with different time scales, thus establishing a finite temporal resolution to fMRI experiments. In this work we measured the blood oxygen level-dependent (BOLD) and iron-oxide-derived cerebral blood volume (CBV) impulse response (IR) in a rat model of somatosensory brain activation at 11.7T. A binary m-sequence probe method was used to obtain high-sensitivity single-pixel estimates of the IR, from which two parameters-the full width at half maximum (FWHM) and the time to peak (TTP)-were determined as indices of the temporal resolution of the hemodynamic response (HDR). The results (N = 11) show that the CBV IR (N = 5, subset) is significantly narrower (FWHM = 1.37 +/- 0.11 s), and peaks earlier (TTP = 1.65 +/- 0.15 s) than the BOLD IR (N = 11, FWHM = 1.92 +/- 0.22 s and TTP = 2.18 +/- 0.14 s, respectively). These findings indicate that neurovascular control mechanisms have a temporal resolution better than 1.5 s FWHM, and point to a substantial contribution to BOLD of the dispersive transit of oxygenated hemoglobin across the rat vasculature, bringing important implications for the ultimately attainable temporal resolution of fMRI.