Inserts Not Working with Monitored Tracks

Cubase
,
1

DAW:
Cubase 8.0.20
Apple MacBook Pro Retina 15 i7 Quad 2.4GHz
OSX 10.10 Yosemite
Steinberg UR824
Steinberg Plugin Suite, Waves SSL, or anything else

  1. Create empty project
  2. Add audio track
  3. Monitor
  4. Add [any] insert, such as a compressor/gate, channel strip, effect, etc (if you can)

When monitoring incoming audio, inserts are responsive to controls, but do not reflect any sort of incoming monitored audio, nor do they change the audio in any way. After the audio is recorded and played back (with monitoring off, of course) the insert responds as it normally should. This is also assuming that you can add an insert at all without restarting CP8.

Thanks so much for any help!