Two opposite sequential loudness effects concern the effect of a stronger Tone 1 on the loudness of a subsequent weaker Tone 2, as assessed by loudness matches with Tone 3. Loudness enhancement is reported when Tone 1 precedes Tone 2 by 50 to 100 ms. Loudness recalibration (or induced loudness reduction) is obtained for delays of about 1 s. This letter argues that what appears as an enhancement of Tone 2’s loudness is, in fact, an induced reduction of Tone 3’s loudness, which occurs because Tones 1 and 3 are at the same frequency. Preliminary experiments support this analysis.