[chongli]

Wouldn't the macro-expansion phase be run until it reaches a fixed point? That way all macros could be fully expanded before proceeding to the next phase.

[wtetzner]

I believe that's how macros in Racket work, but each iteration is considered a separate phase. At least, that's how I understood it.

This page has some useful information about phases: https://docs.racket-lang.org/guide/phases.html