Step 1

To make the cake, lightly spray a 7-inch (18-cm) springform pan with nonstick cooking spray. In a bowl, whisk together the flour, cinnamon, nutmeg, allspice, salt, baking soda, and baking powder. In another bowl, whisk together the eggs, both sugars, oil, and vanilla until smooth. Fold half of the flour mixture into the egg mixture until well mixed, then fold in the remaining flour mixture just until no dry streaks remain. Finally, fold in the carrots and currants. Transfer to the prepared pan and smooth the top. Cover the pan with aluminum foil, crimping the edges.

Step 2

Pour 2 cups (475 ml) water into the Instant Pot®. Place the springform pan on the steam rack and lower the pan into the pot. Lock the lid in place and turn the valve to Sealing. Press the Pressure Cook button and set the cook time for 65 minutes at high pressure.

Step 3

Let the steam release naturally for 15 minutes, then turn the valve to Venting to quick-release any residual steam. Carefully remove the lid and transfer the springform pan to a cooling rack. Remove the foil and let the cake cool in the pan for 15 minutes, then remove the pan sides and let cool completely.

Step 4

Meanwhile, make the frosting. In a bowl, using an electric mixer, beat together the cream cheese and butter on medium-high speed until smooth, about 45 seconds. Beat in the sour cream, vanilla, and salt until well mixed. On low speed, beat in the confectioners’ sugar until combined, then increase the speed to medium-high and beat until smooth and fluffy, about 1 minute.

Step 5

Split the cake into 2 layers. Spread a thin layer of frosting on the bottom layer, top with the second layer, and then frost the top and sides. Cut into wedges to serve.