We measure the joint distribution of the energy transmission coefficient ep
silon(ab) and the single channel delay time tau(ab) for microwave radiation
propagating through a random medium in the limit of zero pulse bandwidth.
For fixed epsilon(ab) the distribution of tau(ab) is Gaussian with variance
inversely proportional to epsilon(ab) In contradistinction to tau(ab), the
dynamic matrix element epsilon(ab) tau(ab) has substantial long-range corr
elation with frequency shift. We present a new dynamic theory for a Gaussia
n process, which is in excellent agreement with experiment.