IPython cell magic with the %%mmd command allows to include python expressions (and other things) in a markdown text. The cells can be edited as markdown, python expression are indicated by the double mustaches.

See the notebook example

pip install magic-markown

in your notebook:

%load_ext magic_markdown

then you can create magic markdown cells by beginning a cell like this: %%mmd

Write markdown and insert python code whereever you need: {{"hello".upper()}}. You can also access variables and functions you defined or imported before. Checkout the full example.