Creamy Instant Pot Rice Pudding

"The easiest 4-ingredient Instant Pot Rice Pudding topped with sweet caramel sauce. This is a failproof recipe that you're going to love!..."

INGREDIENTS
1 cup (175 grams) short grain rice (or long grain rice)
2 cups (500 ml) whole milk
1 1/2 cups (375) water
1 tsp ground cinnamon
1/4 tsp ground nutmeg
1 tsp vanilla extract
1/2 tsp salt
1 can (397 grams) condensed milk
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