Select the Saute function on an electric pressure cooker (such as Instant Pot®). Add butter and olive oil; stir until butter melts, about 2 minutes. Add mushrooms; cook, stirring occasionally, until slightly softened, about 3 minutes. Stir in onion; cook for 2 minutes. Add rosemary sprig; cook for 1 minute.
Stir rice into the pot until each grain is coated with butter-olive oil mixture, about 2 minutes. Pour in wine; simmer for 3 minutes. Pour in chicken stock, stirring to scrape the sides of the pot. Simmer for 1 minute.
Close and lock the lid. Turn the venting knob to sealing. Select high pressure according to manufacturer’s instructions; set timer for 6 minutes. Allow 10 to 15 minutes for pressure to build.
Tap venting knob a few times with a wooden spoon or spatula. Stand back; turn knob to point at Vent. Remove lid when pressure is released, about 5 minutes.
Stir risotto until creamy, about 1 minute. Discard rosemary sprig. Season with salt and pepper. Stir in Parmesan cheese until melted and combined.
Substitute vegetable stock for the chicken stock if preferred.
The Instant Pot(R) will take about 15 minutes to come to full pressure, then the timer will begin counting down, so you can walk away and come back when it beeps.
The magazine version of this recipe uses 1 quart low-sodium vegetable broth and 3/4 cup Parmesan cheese.
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