This invention relates to compositions and methods for achieving and maintaining maximal analgesic effect following intra-articular administration of corticosteroid formulations. The invention also describes extended release, e.g., controlled- or sustained-release corticosteroid formulations, including extended release, e.g., controlled- or sustained-release formulations of triamcinolone acetonide (TCA), fluticasone propionate, cortisol, ciclesonide (monopropionate), beclometasone diproprionate, dexamethasone, flunisolide, budesonide, desisobutyryl-ciclesonide, and/or mometasone furoate, that produce a maximal analgesic effect greater than the acute analgesic effect provided by standard corticosteroid suspensions, including non-extended release corticosteroid suspensions, and that are also associated with a clinically insignificant effect on endogenous cortisol production following administration, for example, intra-articular, intrathecal, epidural, intra-bursal, or other local administration.