diff --git a/src/markdown.test.ts b/src/markdown.test.ts
index d7a3742..fc4b513 100644
--- a/src/markdown.test.ts
+++ b/src/markdown.test.ts
@@ -57,6 +57,19 @@ test("safe Markdown mode keeps HTML examples inert inside code fences", async ()
   assert.match(html, /<pre/);
 });
 
+test("safe Markdown mode renders inline formatting inside link labels", async () => {
+  const html = await renderMarkdown(
+    "[*An Economy of AI Agents*](https://example.com/economy) [**blocked label**](javascript:alert(1))",
+    { allowRawHtml: false },
+  );
+
+  assert.equal(
+    html,
+    '<p><a href="https://example.com/economy"><em>An Economy of AI Agents</em></a> <strong>blocked label</strong></p>\n',
+  );
+  assert.doesNotMatch(html, /\*An Economy|javascript:/);
+});
+
 test("safe Markdown mode denies executable link and image protocols", async () => {
   const html = await renderMarkdown(
     "[run](javascript:alert(1)) [encoded](java&#x73;cript:alert(1)) ![payload](data:image/svg+xml,evil) [slash](\\\\evil.example/path) [encoded-slash](&#92;&#92;evil.example/path) ![slash-image](\\\\evil.example/payload.svg) [source](https://example.com/) [local](/knowledge/example)",
diff --git a/src/markdown.ts b/src/markdown.ts
index 1a271bd..eadf882 100644
--- a/src/markdown.ts
+++ b/src/markdown.ts
@@ -78,9 +78,9 @@ export async function renderMarkdown(
         return allowRawHtml ? text : escapeHtml(text);
       },
       ...(!allowRawHtml ? {
-        link({ href, title, text }) {
+        link({ href, title, tokens }) {
           const safeHref = safeMarkdownUrl(href, true);
-          const label = escapeHtml(text);
+          const label = this.parser.parseInline(tokens);
           if (!safeHref) return label;
           const titleAttribute = title ? ` title="${escapeHtml(title)}"` : "";
           return `<a href="${escapeHtml(safeHref)}"${titleAttribute}>${label}</a>`;