diff --git a/wp-includes/js/tinymce/plugins/wptextpattern/plugin.js b/wp-includes/js/tinymce/plugins/wptextpattern/plugin.js
index 22e6dd2da5..f861dae822 100644
--- a/wp-includes/js/tinymce/plugins/wptextpattern/plugin.js
+++ b/wp-includes/js/tinymce/plugins/wptextpattern/plugin.js
@@ -12,23 +12,56 @@
  */
 ( function( tinymce, setTimeout ) {
 	tinymce.PluginManager.add( 'wptextpattern', function( editor ) {
-		var VK = tinymce.util.VK,
-			spacePatterns = [
-				{ regExp: /^[*-]\s/, cmd: 'InsertUnorderedList' },
-				{ regExp: /^1[.)]\s/, cmd: 'InsertOrderedList' }
-			],
-			enterPatterns = [
-				{ start: '##', format: 'h2' },
-				{ start: '###', format: 'h3' },
-				{ start: '####', format: 'h4' },
-				{ start: '#####', format: 'h5' },
-				{ start: '######', format: 'h6' },
-				{ start: '>', format: 'blockquote' }
-			],
-			canUndo, refNode, refPattern;
+		var VK = tinymce.util.VK;
+
+		var spacePatterns = [
+			{ regExp: /^[*-]\s/, cmd: 'InsertUnorderedList' },
+			{ regExp: /^1[.)]\s/, cmd: 'InsertOrderedList' }
+		];
+
+		var enterPatterns = [
+			{ start: '##', format: 'h2' },
+			{ start: '###', format: 'h3' },
+			{ start: '####', format: 'h4' },
+			{ start: '#####', format: 'h5' },
+			{ start: '######', format: 'h6' },
+			{ start: '>', format: 'blockquote' }
+		];
+
+		var inlinePatterns = [
+			{ start: '*', end: '*', format: 'italic' },
+			{ start: '**', end: '**', format: 'bold' },
+			{ start: '_', end: '_', format: 'italic' },
+			{ start: '__', end: '__', format: 'bold' },
+			{ start: '`', end: '`', format: 'code' }
+		];
+
+		var canUndo;
+		var refNode;
+		var refPattern;
+		var chars = [];
+		var zeroWidthSpaceNode;
+
+		tinymce.each( inlinePatterns, function( pattern ) {
+			tinymce.each( ( pattern.start + pattern.end ).split( '' ), function( c ) {
+				if ( tinymce.inArray( chars, c ) === -1 ) {
+					chars.push( c );
+				}
+			} );
+		} );
 
 		editor.on( 'selectionchange', function() {
+			var offset;
+
 			canUndo = null;
+
+			if ( zeroWidthSpaceNode ) {
+				offset = zeroWidthSpaceNode.data.indexOf( '\u200b' );
+
+				if ( offset !== -1 ) {
+					zeroWidthSpaceNode.deleteData( offset, offset + 1 );
+				}
+			}
 		} );
 
 		editor.on( 'keydown', function( event ) {
@@ -48,9 +81,85 @@
 				space();
 			} else if ( event.keyCode === VK.ENTER && ! VK.modifierPressed( event ) ) {
 				enter();
+			} else if ( event.keyCode > 47 && ! ( event.keyCode >= 91 && event.keyCode <= 93 ) ) {
+				inline();
 			}
 		} );
 
+		function inline() {
+			var rng = editor.selection.getRng();
+			var node = rng.startContainer;
+			var offset = rng.startOffset;
+			var startOffset;
+			var endOffset;
+			var pattern;
+			var format;
+			var zero;
+
+			if ( node.nodeType !== 3 || ! node.data.length || ! offset ) {
+				return;
+			}
+
+			if ( tinymce.inArray( chars, node.data.charAt( offset - 1 ) ) === -1 ) {
+				return;
+			}
+
+			function findStart( node ) {
+				var i = inlinePatterns.length;
+				var offset;
+
+				while ( i-- ) {
+					pattern = inlinePatterns[ i ];
+					offset = node.data.indexOf( pattern.end );
+
+					if ( offset !== -1 ) {
+						return offset;
+					}
+				}
+			}
+
+			startOffset = findStart( node );
+			endOffset = node.data.lastIndexOf( pattern.end );
+
+			if ( startOffset === endOffset || endOffset === -1 ) {
+				return;
+			}
+
+			if ( endOffset - startOffset <= pattern.start.length ) {
+				return;
+			}
+
+			if ( node.data.slice( startOffset + pattern.start.length, endOffset ).indexOf( pattern.start.slice( 0, 1 ) ) !== -1 ) {
+				return;
+			}
+
+			format = editor.formatter.get( pattern.format );
+
+			if ( format && format[0].inline ) {
+				editor.undoManager.add();
+
+				editor.undoManager.transact( function() {
+					node.insertData( offset, '\u200b' );
+
+					node = node.splitText( startOffset );
+					zero = node.splitText( offset - startOffset );
+
+					node.deleteData( 0, pattern.start.length );
+					node.deleteData( node.data.length - pattern.end.length, pattern.end.length );
+
+					editor.formatter.apply( pattern.format, {}, node );
+
+					editor.selection.setCursorLocation( zero, 1 );
+				} );
+
+				// We need to wait for native events to be triggered.
+				setTimeout( function() {
+					canUndo = 'space';
+					zeroWidthSpaceNode = zero;
+				} );
+			}
+		}
+
 		function firstTextNode( node ) {
 			var parent = editor.dom.getParent( node, 'p' ),
 				child;
@@ -157,11 +266,7 @@
 		}
 
 		function ltrim( text ) {
-			if ( text ) {
-				return text.replace( /^\s+/, '' );
-			}
-
-			return '';
+			return text ? text.replace( /^\s+/, '' ) : '';
 		}
 
 		function enter() {
diff --git a/wp-includes/js/tinymce/plugins/wptextpattern/plugin.min.js b/wp-includes/js/tinymce/plugins/wptextpattern/plugin.min.js
index cd569e975b..4d895fbb2b 100644
--- a/wp-includes/js/tinymce/plugins/wptextpattern/plugin.min.js
+++ b/wp-includes/js/tinymce/plugins/wptextpattern/plugin.min.js
@@ -1 +1 @@
-!function(a,b){a.PluginManager.add("wptextpattern",function(c){function d(a){var b,d=c.dom.getParent(a,"p");if(d){for(;(b=d.firstChild)&&3!==b.nodeType;)d=b;if(b)return b.data||(b=b.nextSibling&&3===b.nextSibling.nodeType?b.nextSibling:null),b}}function e(){var e,f,g=c.selection.getRng(),h=g.startContainer;h&&d(h)===h&&(e=h.parentNode,f=h.data,a.each(m,function(a){var d=f.match(a.regExp);if(d&&g.startOffset===d[0].length)return c.undoManager.add(),c.undoManager.transact(function(){h.deleteData(0,d[0].length),e.innerHTML||e.appendChild(document.createElement("br")),c.selection.setCursorLocation(e),c.execCommand(a.cmd)}),b(function(){i="space"}),!1}))}function f(){var b,e,f=c.selection.getRng(),g=f.startContainer,h=d(g),i=n.length;if(h){for(b=h.data;i--;)if(0===b.indexOf(n[i].start)){e=n[i];break}e&&(h!==g||a.trim(b)!==e.start)&&(j=h,k=e)}}function g(a){return a?a.replace(/^\s+/,""):""}function h(){j&&(c.undoManager.add(),c.undoManager.transact(function(){c.formatter.apply(k.format,{},j),j.replaceData(0,j.data.length,g(j.data.slice(k.start.length)))}),b(function(){i="enter"})),j=null,k=null}var i,j,k,l=a.util.VK,m=[{regExp:/^[*-]\s/,cmd:"InsertUnorderedList"},{regExp:/^1[.)]\s/,cmd:"InsertOrderedList"}],n=[{start:"##",format:"h2"},{start:"###",format:"h3"},{start:"####",format:"h4"},{start:"#####",format:"h5"},{start:"######",format:"h6"},{start:">",format:"blockquote"}];c.on("selectionchange",function(){i=null}),c.on("keydown",function(a){(i&&27===a.keyCode||"space"===i&&a.keyCode===l.BACKSPACE)&&(c.undoManager.undo(),a.preventDefault(),a.stopImmediatePropagation()),a.keyCode!==l.ENTER||l.modifierPressed(a)||f()},!0),c.on("keyup",function(a){a.keyCode!==l.SPACEBAR||a.ctrlKey||a.metaKey||a.altKey?a.keyCode!==l.ENTER||l.modifierPressed(a)||h():e()})})}(window.tinymce,window.setTimeout);
\ No newline at end of file
+!function(a,b){a.PluginManager.add("wptextpattern",function(c){function d(){function d(a){for(var b,c=q.length;c--;)if(g=q[c],b=a.data.indexOf(g.end),-1!==b)return b}var e,f,g,h,i,k=c.selection.getRng(),l=k.startContainer,n=k.startOffset;3===l.nodeType&&l.data.length&&n&&-1!==a.inArray(r,l.data.charAt(n-1))&&(e=d(l),f=l.data.lastIndexOf(g.end),e!==f&&-1!==f&&(f-e<=g.start.length||-1===l.data.slice(e+g.start.length,f).indexOf(g.start.slice(0,1))&&(h=c.formatter.get(g.format),h&&h[0].inline&&(c.undoManager.add(),c.undoManager.transact(function(){l.insertData(n,"\u200b"),l=l.splitText(e),i=l.splitText(n-e),l.deleteData(0,g.start.length),l.deleteData(l.data.length-g.end.length,g.end.length),c.formatter.apply(g.format,{},l),c.selection.setCursorLocation(i,1)}),b(function(){j="space",m=i})))))}function e(a){var b,d=c.dom.getParent(a,"p");if(d){for(;(b=d.firstChild)&&3!==b.nodeType;)d=b;if(b)return b.data||(b=b.nextSibling&&3===b.nextSibling.nodeType?b.nextSibling:null),b}}function f(){var d,f,g=c.selection.getRng(),h=g.startContainer;h&&e(h)===h&&(d=h.parentNode,f=h.data,a.each(o,function(a){var e=f.match(a.regExp);if(e&&g.startOffset===e[0].length)return c.undoManager.add(),c.undoManager.transact(function(){h.deleteData(0,e[0].length),d.innerHTML||d.appendChild(document.createElement("br")),c.selection.setCursorLocation(d),c.execCommand(a.cmd)}),b(function(){j="space"}),!1}))}function g(){var b,d,f=c.selection.getRng(),g=f.startContainer,h=e(g),i=p.length;if(h){for(b=h.data;i--;)if(0===b.indexOf(p[i].start)){d=p[i];break}d&&(h!==g||a.trim(b)!==d.start)&&(k=h,l=d)}}function h(a){return a?a.replace(/^\s+/,""):""}function i(){k&&(c.undoManager.add(),c.undoManager.transact(function(){c.formatter.apply(l.format,{},k),k.replaceData(0,k.data.length,h(k.data.slice(l.start.length)))}),b(function(){j="enter"})),k=null,l=null}var j,k,l,m,n=a.util.VK,o=[{regExp:/^[*-]\s/,cmd:"InsertUnorderedList"},{regExp:/^1[.)]\s/,cmd:"InsertOrderedList"}],p=[{start:"##",format:"h2"},{start:"###",format:"h3"},{start:"####",format:"h4"},{start:"#####",format:"h5"},{start:"######",format:"h6"},{start:">",format:"blockquote"}],q=[{start:"*",end:"*",format:"italic"},{start:"**",end:"**",format:"bold"},{start:"_",end:"_",format:"italic"},{start:"__",end:"__",format:"bold"},{start:"`",end:"`",format:"code"}],r=[];a.each(q,function(b){a.each((b.start+b.end).split(""),function(b){-1===a.inArray(r,b)&&r.push(b)})}),c.on("selectionchange",function(){var a;j=null,m&&(a=m.data.indexOf("\u200b"),-1!==a&&m.deleteData(a,a+1))}),c.on("keydown",function(a){(j&&27===a.keyCode||"space"===j&&a.keyCode===n.BACKSPACE)&&(c.undoManager.undo(),a.preventDefault(),a.stopImmediatePropagation()),a.keyCode!==n.ENTER||n.modifierPressed(a)||g()},!0),c.on("keyup",function(a){a.keyCode!==n.SPACEBAR||a.ctrlKey||a.metaKey||a.altKey?a.keyCode!==n.ENTER||n.modifierPressed(a)?a.keyCode>47&&!(a.keyCode>=91&&a.keyCode<=93)&&d():i():f()})})}(window.tinymce,window.setTimeout);
\ No newline at end of file
diff --git a/wp-includes/js/tinymce/wp-tinymce.js.gz b/wp-includes/js/tinymce/wp-tinymce.js.gz
index ad1240b53a..cb9ef3a008 100644
Binary files a/wp-includes/js/tinymce/wp-tinymce.js.gz and b/wp-includes/js/tinymce/wp-tinymce.js.gz differ
diff --git a/wp-includes/version.php b/wp-includes/version.php
index 2bfa1c1d7b..70f2a399fe 100644
--- a/wp-includes/version.php
+++ b/wp-includes/version.php
@@ -4,7 +4,7 @@
  *
  * @global string $wp_version
  */
-$wp_version = '4.5-alpha-36626';
+$wp_version = '4.5-alpha-36627';
 
 /**
  * Holds the WordPress DB revision, increments when changes are made to the WordPress DB schema.