diff --git a/panel/io/notebook.py b/panel/io/notebook.py
index ae5dee8afe9..36a209fa1b7 100644
--- a/panel/io/notebook.py
+++ b/panel/io/notebook.py
@@ -44,7 +44,7 @@
 from .embed import embed_state
 from .model import add_to_doc, diff
 from .resources import (
-    PANEL_DIR, Resources, _env, bundle_resources, patch_model_css,
+    PANEL_DIR, Resources, _env, bundle_resources, patch_model_css, CDN_DIST, DIST_DIR
 )
 from .state import state
 
@@ -184,6 +184,32 @@ def render_template(
     )
     return ({'text/html': html, EXEC_MIME: ''}, {EXEC_MIME: {'id': ref}})
 
+
+def _visit_json_data(data, parent=None, key=None):
+    if parent is not None:
+        yield data, parent, key
+    typ = type(data)
+    if typ is dict:
+        for k, v in data.items():
+            yield from _visit_json_data(v, data, k)
+    elif typ in {list, tuple, set}:
+        for i, v in enumerate(data):
+            yield from _visit_json_data(v, data, i)
+
+
+def patch_inline_css(doc_data):
+    for data, parent, key in _visit_json_data(doc_data):
+        if type(data) is dict:
+            if 'type' in data and 'name' in data and data['name'] == 'ImportedStyleSheet' and data['type'] == 'object':
+                url = data['attributes']['url']
+                if url.startswith(CDN_DIST):
+                    path = DIST_DIR / url.replace(CDN_DIST, '')
+                    if path.exists():
+                        css = path.read_text(encoding='utf-8')
+                        data['name'] = 'InlineStyleSheet'
+                        data['attributes']['css'] = css
+                        del data['attributes']['url']
+
 def render_model(
     model: 'Model', comm: Optional['Comm'] = None, resources: str = 'cdn'
 ) -> Tuple[Dict[str, str], Dict[str, Dict[str, str]]]:
@@ -200,6 +226,10 @@ def render_model(
         model.document._template_variables['dist_url'] = dist_url
 
     (docs_json, [render_item]) = standalone_docs_json_and_render_items([model], suppress_callback_warning=True)
+
+    if resources == 'inline':
+        patch_inline_css(docs_json)
+
     div = div_for_render_item(render_item)
     render_json = render_item.to_json()
     requirements = [pnext._globals[ext] for ext in pnext._loaded_extensions
@@ -239,12 +269,15 @@ def render_mimebundle(
     model: 'Model', doc: 'Document', comm: 'Comm',
     manager: Optional['CommManager'] = None,
     location: Optional['Location'] = None,
-    resources: str = 'cdn'
+    resources: str = None
 ) -> Tuple[Dict[str, str], Dict[str, Dict[str, str]]]:
     """
     Displays bokeh output inside a notebook using the PyViz display
     and comms machinery.
     """
+    if resources is None:
+        from ..config import config
+        resources = 'inline' if config.inline else 'cdn'
     # WARNING: Patches the client comm created by some external library
     #          e.g. HoloViews, with an on_open handler that will initialize
     #          the server comm.
diff --git a/panel/io/resources.py b/panel/io/resources.py
index 8e893437dd3..51fd7f5085a 100644
--- a/panel/io/resources.py
+++ b/panel/io/resources.py
@@ -816,8 +816,59 @@ def js_raw(self):
         # Inline local dist resources
         js_files = self._collect_external_resources("__javascript__")
         self.extra_resources(js_files, '__javascript__')
+        skip_import_map = None
+        inlined_requires = {}
+        def get_inlined_js(url):
+            nonlocal skip_import_map
+            if skip_import_map is None:
+                from .notebook import require_components
+                _, _, exports, skip_imports = require_components()
+                export_to_module_map = {v:k for k,v in exports.items()}
+                skip_import_map = {}
+                for k, js_files in skip_imports.items():
+                    for js_file in js_files:
+                        skip_import_map[js_file] = k, export_to_module_map.get(k, k)
+            path = DIST_DIR / url.replace(CDN_DIST, '')
+            js = path.read_text(encoding='utf-8')
+            if url in skip_import_map:
+                export, modname = skip_import_map[url]
+                inlined_requires[modname] = export
+                js = '''
+                    //console.log('in inlined script');
+                    let define_orig = this.define;
+                    const fnthis = this;
+                    const fndefines = [];
+                    this.define = function define(...args){
+                        //console.log('define args:', args)
+                        if (typeof args[0] == "string" ) {
+                            return define_orig.apply(fnthis, args);
+                        } else {
+                            fndefines.push(%(modname)r);
+                            //console.log('defining %(modname)s');
+                            return define_orig.apply(fnthis, [%(modname)r].concat(args));
+                        }
+                    };
+                    this.define.amd = define_orig.amd;
+                    try {
+                        //console.log('loading ', %(modname)r, this, this.define);
+                        %(js)s;
+                    } finally {
+                        fnthis.define = define_orig;
+                        //console.log('fndefines:', fndefines);
+                        for (var mod of fndefines) {
+                            require([mod], function(exp){
+                                if (mod == %(modname)r) {
+                                    fnthis[%(export)r] = exp;
+                                }
+                            })
+                        }
+                    }
+                    ''' % dict(js=js, export=export, modname=modname)
+            return js
+            
         raw_js += [
-            (DIST_DIR / js.replace(CDN_DIST, '')).read_text(encoding='utf-8')
+            get_inlined_js(js)
+            # (DIST_DIR / js.replace(CDN_DIST, '')).read_text(encoding='utf-8')
             for js in js_files if is_cdn_url(js)
         ]
 
diff --git a/panel/models/layout.ts b/panel/models/layout.ts
index ba3cd3f6020..939398f8445 100644
--- a/panel/models/layout.ts
+++ b/panel/models/layout.ts
@@ -47,7 +47,7 @@ export class PanelMarkupView extends WidgetView {
       }
     }
     if (Object.keys(this._initialized_stylesheets).length === 0) {
-      this.style_redraw()
+      setTimeout(() => {this.style_redraw()}, 1);
     }
   }
 
@@ -175,6 +175,9 @@ export abstract class HTMLBoxView extends LayoutDOMView {
         })
       }
     }
+    if (Object.keys(this._initialized_stylesheets).length === 0) {
+      setTimeout(() => {this.style_redraw()}, 1);
+    }
   }
 
   style_redraw(): void {