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Line the inner pot with parchment paper, grease with oil spray or a tablespoon or two of olive oil.
Combine flour, salt, and yeast in a big bowl, and whisk well.
Add water and olive oil, stir well with the help of a spatula or wooden spoon, until all the flour has mixed well with the water, and no dry flour pockets remain. The dough should look shaggy and be sticky at this stage. If not, add a few tablespoons of water, about 2-3 tablespoons should suffice.
Transfer the dough to the greased parchment paper, cover the pot with any other lid or a plate or even aluminum foil. As a precautionary step, avoid using the lid of the IP.
Press the 'YOGURT' button, set it to 'LESS' OR 'NORMAL' setting. Set the timer for 4 hours using the +/- button.
After 4 hours, remove the lid, the dough will have risen and the surface will be dotted with bubbles. So far, so good, carry on with the next steps.
Dust your hands and work surface with about 2 tablespoons of flour. Transfer the dough to the work surface, scatter another tablespoon or so of flour. Using a bench scraper, fold the dough from the edges towards the center, until it forms a rough ball. Turn it around a few times until it forms a ball. Refer to the video for the shaping process.
Line the inner pot of the IP with parchment paper, transfer the dough to the parchment paper, sprinkle some flour.
Cover the pot with a glass lid/plate/aluminum foil. Press the 'YOGURT' button, set it to 'LESS' OR 'NORMAL' setting. Set the timer for 30 minutes using the +/- button.
While the dough is proofing, preheat the oven to 450 degrees F. Place a 3.5 or 5-quart enamel-coated dutch oven with the lid in the middle rack and preheat it for 30 minutes.
Dough after the second rise
After 30 minutes, remove the hot dutch oven carefully, and place it on a wire rack. Open the lid, transfer the dough along with the parchment paper directly into the hot dutch oven. You may score/slash the bread with a sharp floured knife, at least 1/2 inch deep at this stage.
Cover the pot with the lid, and bake at 450 degrees F for 30 minutes. After 30 minutes, remove the lid, and continue baking for another 15 minutes until the top is a golden brown or until the center of the bread registers 200- 210 degrees F on an instant-read thermometer. If you tap the bottom of the loaf, it should sound hollow and that's how you know the bread is done.
So you are baking the bread for a total of 45 minutes (30 minutes covered and 15 minutes uncovered).
Remove the loaf carefully, and transfer to a wire rack. Remove the parchment paper. Let the loaf cool for at least 1 hour before slicing. The bread continues to cook even when it is out of the oven, cutting it while it is still hot may not give you the desired crumb texture.