How to create custom text format style and apply to hotkey in Pages? There are paragraph styles that you can create and tie to the function keys. 
This is all great and dandy, but not if I wish to switch style in the middle of a paragraph and then revert to the one I used to begin with. The whole paragraph will change to the one I just selected. 

Is there a way to do what I want, or do I have to manually apply the same font, size and colour every time?
I just noticed that there's a thing called "Character Styles" as well that allows me to do exactly what I want! 

I created a new style based on a selection and tied it to the function key that I wish to use. 
Perfect.