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In a mixing bowl add ground beef. ground pork, panko, milk (pour over the crumbs), onion, salt, pepper, allspice, nutmeg, garlic powder, beaten egg, and 2 Tbsp of the parsley. Mix together well to combine the ingredients.
Form 30 meatballs and set them on parchment paper.
Turn on the pot's Sauté setting, and when it is hot, add the olive oil and 2 Tbsp of the butter.
Add 15 of the meatballs and brown lightly on outside. Do not cook completely. Remove to a plate and repeat with the second batch.
Add the beef consommé and stir, scraping the bottom of the pot to get up any of the browned bits (deglaze).
Add the remaining 4 Tbsp of butter, dijon, Worcestershire, and 1 cup of the heavy cream (reserve the remaining 1 cup). Stir well.
Cancel the Sauté setting.
Add the meatballs back into the pot. Close the lid and set the steam release knob to the Sealing position.
Press the Pressure Cook/Manual button or dial (High pressure), and then the + or - button or dial to select 4 minutes. When the cook time is finished, let the pot sit undisturbed for 6 minutes (6 minute natural release).
While the meatballs are cooking, mix the flour with the remaining 1 cup of heavy cream. Whisk it well so there are no lumps. Set aside.
Do a controlled Quick Release of the pressure (*A controlled quick release means you release the steam in short bursts, then longer bursts, until you can be sure none of the sauce spews out of the vent with the steam from the intense pressure. Then fully open the vent and let it go).When the pin in the lid drops down, you can open it.
Remove the meatballs to a plate and cover. Turn on the Sauté setting (Med - Normal temp) and bring to a simmer. Whisk in the flour/cream mixture, stirring frequently, until thickened. Cancel the Sauté setting.
Taste the sauce and adjust salt & pepper, if needed. You can either add the meatballs back in, or serve and pour the sauce over them. Garnish with remaining parsley.
Instant Pot Swedish Meatballs go great over noodles, rice, or mashed potatoes.