Although I'm not sure why this happens (maybe a bug of make), try
make -O 2>&1 | cat
With option -O, it seems to work as expected.
Indeed, thanks! It also appears that I can:
$ export MAKEFLAGS=O
$ make ...
to work around the problem, with no apparent ill effects, which is good
because my actual environment involves a twisty maze of recursive Makefiles.
Of course, I still hope the underlying bug gets fixed.
-Scott
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