  The closure of the convex cone generated by all flag $f$-vectors of graded
posets is shown to be polyhedral. In particular, we give the facet inequalities
to the polar cone of all nonnegative chain-enumeration functionals on this
class of posets. These are in one-to-one correspondence with antichains of
intervals on the set of ranks and thus are counted by Catalan numbers.
Furthermore, we prove that the convolution operation introduced by Kalai
assigns extreme rays to pairs of extreme rays in most cases. We describe the
strongest possible inequalities for graded posets of rank at most 5.
