Nested Macros

[jraymer]

I can't believe I'm asking this, I've been using VBP for like 5 years now, but I'm having an issue with nested macros. I thought they would always be expanded. Here's the issue:

MACRO1=X
MACRO2=Y
MACRO3=%MACRO1%.%MACRO2%

At this point, MACRO3 will expand to "X.Y"

Re-set MACRO2=Z

I would expect MACRO3 to expand to "X.Z", instead I'm still seeing "X.Y".
I am really surprised that I have not run into this previously. What is the expected behavior in this situation? I was unable to find any documentation on this.