```
% pandoc -f markdown -t latex
\newcommand{\one}[1]{#1}
\newcommand{\two}[1]{#1}

Formatting *is* working **here**. But sticking \one{two }\two{commands}
together *breaks* formatting.
^D
\newcommand{\one}[1]{#1}
\newcommand{\two}[1]{#1}

Formatting \emph{is} working \textbf{here}. But sticking two commands
together \emph{breaks} formatting.
```