I may be all wet here, but I seem to think this is understandable.   
FSK uses two tones, one is the MARK and one is SPACE.  There are only  
two states, you will have one or the other tones on the air all the  
time.  One tone is the base, and if the signal is un-modulated, it  
would be transintted 100% of the time.  The other tone is a pulsed  
deviation from the base, so is only "ON" for short pulses when needed  
to form a character.  Since there is hardly ever an even distribution  
of MARK/SPACE, the power out will not be the same.

My $.015 worth.

...bc    nr4c




Quoting Mark n2qt <n...@verizon.net>:

> I know this has been discussed before and the fix is on "the list"
> but after 24 hours of watching the watt meter bounce on the two
> fsk tones, is the solution getting closer?
>
>
> Mark n2qt
> (using 5 pole filters which I understand accentuates this)
>
>
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