Premiere Pro not showing Applied Effects in Program Monitor

All of a sudden, I am having issues with adobe Premiere Pro not automatically rendering effects or color corrections for clips in my timeline. In order for me to see the effect I applied or desired color correction that I applied, I need to manually go to “Sequence/Render Effects In To Out,” in order to see the effects in the Program monitor.

For example: I have a clip a person in front of a green screen. Even after using ultra key to key out the green, the program monitor still shows the green screen. If I export the premiere pro project file, it exports properly, without the greenscreen showing (with the green keyed out).  I’m essentially editing blind when it comes to effects and color corrections.

Premiere Pro is adding the effects but it is just not displaying them in the program monitor. The project file is exporting correctly.

Copying a sequence into a new project is not working. This is an issue for both older projects and new projects.

Another issue that just popped up is that I can no longer hear audio that was recorded in mono when in source monitor. I can only play stereo files in source monitor.

Does anyone have any suggestions?

If there are any suggestions I am using Premiere Pro 14.9 on a MacBook Pro using Mojave. A screen shot and/or non-technical language would be helpful.