Recorded audio level not consistent with input meter (32bit)

When I set the project bit depth to 32-bit float, the peaks of the audio in the audio edit window for recordings are much lower (by half) than the peak level registered at the input channel (which is monitoring post-fader and set to 0dB). When I switch to 24-bit fixed and record again (without changing anything), the levels match. I’ve checked a 32-bit file in an external audio editor and it shows the same as in the Cubase editor - so the reduced level is how it’s being saved (i.e. not a glitch with the display).

Cubase Pro 8.0.5
Windows 7 64-bit
M-Audio ProFire 2626 audio interface