EUREKA!
It turned out that the ProChannel compressor was active on the Master bus. Turning it off brought the level back to normal. PHEW!
Use of this ProChannel module on this bus was not intentional and I don't know how it happened, as I didn't even have ProChannel visible on that bus in Console View. Nor did I intend to use any of the ProChannel modules on the Master bus, although I did use some of them elsewhere.
Anyway, thanks for all the suggestions (some of which were certainly on the right track).