Add the rice and water to inner pot of the pressure cooker. Cover the instant pot and set the steam valve to Sealing. Manually set it to cook at High Pressure for 3 minutes. *It will take a few minutes to come to pressure before the 3 minute cook time actually starts.
While the rice cooks, in a small bowl combine sugar, milk, vanilla extract, cinnamon, nutmeg and salt. Whisk until smooth. Set aside.
Let the instant pot naturally release pressure for 12 minutes, then manually release the rest of the pressure.
Add the milk mixture to the rice and stir well.
Set the pot to Sauté for 4 minutes. Stir constantly until the mixture begins to boil. Make sure to keep stirring or it can scorch the bottom of the pot. Let it boil for about 2 minutes while constantly stirring.
Turn off the pot and fold in the raisins. Enjoy!
Notes
Nix the raisins - If you don’t like raisins, you leave them out, or replace them with other dried fruits. For example, dried cranberries, banana chips, apple chips, dried apricots, etc.