EQ key map not firing command

As a test, I set up a key map for one character to another slot # to have 3 map to '=', which is bound to macro to say something in group chat. I forced debug messages and displayed the debug window; when I press '3' in character slot that is assigned to the key map, debug message "Button: from keystroke@is1: nomodifiers =" is displayed in the debug window of the target slot #. The macro assigned to the hotbar button with key bind "=" is not executed, however. Any idea what's wrong?