In a 6-quart Instant Pot, combine the rice, water, milk, sugar, cinnamon, nutmeg, and salt. Cover, lock the lid in place, and select Manual/High Pressure; set the timer for 5 minutes.
When the timer beeps, turn off the Instant Pot and let the pressure release naturally for 10 minutes, then quick-release any remaining pressure. Unlock and remove the lid.
Stir in the raisins and butter until melted. Select the Saute setting; bring to a simmer, stirring occasionally. Simmer for 5 minutes, stirring occasionally.
Turn off the Instant Pot and stir in the vanilla extract.
Serve warm or chilled.
Interesting Facts
Rice pudding is one of the oldest desserts in the world, dating back to the Middle Ages.
Rice pudding is a popular comfort food in many countries, including the United States, India, and England.
Rice pudding is often served as a dessert, but it can also be enjoyed as a breakfast dish.