Monospaced text markup {{ }} not working

Summary

Monospaced text markup {{ }} is not working. Text inserted inside the markup won't be monospaced and the markup is still displayed.

Environment

Confluence Cloud

Steps to Reproduce

Insert any text inside the {{ }} markup on any page, eg.:

{{should be monospaced}}

Expected Results

The text inserted inside the {{ }} markup is monospaced and the markup characters are not displayed

Actual Results

The text inserted inside the {{ }} markup is not monospaced and the markup characters are displayed

Workaround

Select the text and utilize the Style dropdown to select "Preformatted".