Exposure to an FM tone elevates FM threshold but not AM threshold. This holds for a wide range of frequency deviations (delta F = +/- 0.4 Hz- +/- 30 Hz at least) provided that modulation frequency is low (fm = 2 Hz), but if fm is somewhat higher (e.g., 8 Hz) the finding only holds for small frequency deviations. FM threshold can rise with time up to an adapting duration of at least 1200 s, through this buildup depends on frequency deviation. Exposure to an AM tone elevates AM threshold, but not FM threshold, over a wide range of modulation depths (at least m = 5%--50%). Quasi-FM (QFM) adapting tones resemble FM adapting tones in their effects upon FM and AM sensitivities, even though QFM and AM adapting tones have identical power spectra. Exposure to a pure tone produces no difference between FM and AM threshold elevations. These data can be explained if the human auditory pathway contains separate information-processing channels for AM and FM signals whose sensitivities do not overlap even with suprathreshold stimuli. We suppose that the FM channel (but not the AM channel) is sensitive to changing differences (or ratios) between signals from different sites along the basilar membrane.