FM Radio transmitters broadcast a continuous 19 KHz pilot tone to indicate that it's a stereo broadcast. If it's present, then there's also a 38 KHz AM modulated carrier, which has the stereo information.

The main FM modulation is (Left + Right) audio channels - the baseband. The 38 KHz subcarrier is (Left - Right). Notice that the stereo information is likely to be higher noise, being AM and without a lot of power. So on weak FM broadcast signals, you're often better off setting your tuner to mono.

Some cruddy FM tuners don't properly filter out the 19Khz pilot tone, resulting in ear-ringing in the listener.