Because it takes 0.05-0.1 sec between Physick and Embrace in your macro (16.7-33.3 ms/line). I suppose the following is better.
/pac "Embrace" <t>
/ac "Physick" <t>
/pac "Embrace" <me>
/ac "Physick" <me>
/micon "Physick"

Basically <t> and <tt> can't be combined on the same macro.
Putting "/micon" on the first line is nothing but a waste of time.