Set the Instant Pot to "saute".
Add the butter to the Instant Pot.
While the butter melts, cut the onion into small pieces and cut the carrots into small pieces
Add the onion and carrots to the Instant Pot and saute for 2 minutes until the onions and carrots are slightly soft.
Stir in the flour and cook for 1 minute, coating the onions and carrots in flour.
Add the vegetable broth and broccoli to the Instant Pot.
Stir in the salt and ground mustard. Stir to combine the flavors.
Cover the Instant Pot and set the pressure to “high” for 15 minutes.
When the cooking is complete, release the pressure manually
Set the Instant Pot to "saute".
Open the Instant Pot and add the cheddar.
With an immersion blender, blend the soup to your desired consistency.
Add the milk and stir until fully combined.
Serve immediately.