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Place rice in a fine mesh colander. Rinse thoroughly over a running faucet.
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Place the rice in the stainless steel container of your Instant Pot.
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Add water, milk, sugar, cinnamon, nutmeg, and sea salt.
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Stir just to combine.
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Seal the lid and close the vent.
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Press the Porridge button. It will say 20 minutes. Let the Instant pot run its cycle. The rice will take 20 minutes to cook on this setting. (For any other pressure cooker, this is the equivalent of cooking on high pressure for 20 minutes.)
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When the timer beeps, let sit for 10 minutes.
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Meanwhile, beat the eggs with the heavy cream until well combined in a small bowl or 4 cup measuring cup.
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After 10 minutes, press the cancel button and carefully release the pressure by turning the vent to open. When de-pressurized, open lid.
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Turn on the instant pot and hit the Sauté button.
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Scoop about 1 cup of the hot rice into the beaten egg mixture and quickly beat into the eggs and cream. Quickly stir the tempered egg mixture into the remaining rice that is in the instant pot.
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Stirring continuously let the pudding come to a quick boil. Stir for 1 minute to cook the eggs.
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Stir in the vanilla.
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Take the stainless steel container out of the instant pot and set on a trivet or rack to cool.