Set your instant pot to the "sauté" setting and drizzle the bottom of the pot with a thin layer of olive oil.
When the oil is hot, add in the rice, onion, garlic, turmeric, cumin, salt, and pepper. Cook for 3 to 5 minutes, stirring every so often so the onions and rice don't stick or burn.
When the onions are translucent, add in the broth and bay leaf. Stir to combine.
Cover the pot and switch the valve to the "sealing" position. Pressure cook on high for 4 minutes.
When the timer is up, allow the pot to naturally release for about 10 minutes before carefully switching the valve to "venting" and manually releasing any remaining pressure.
Remove the lid and gently stir the rice so it doesn't stick to the bottom of the pot. Remove the bay leaf before serving.
Storage
To store: Allow the rice to cool completely before scooping it into an airtight container and storing it in the refrigerator. Store leftover yellow rice up to 5 days.To reheat: Reheat leftover rice by drizzling a small amount of water over top, then microwave for a minute or until it is warmed through.To freeze: Freezing is not recommended.
Notes
For brown rice: pressure cook on high for 15 minutes. For jasmine rice: pressure cook on high for 3 minutes.
For a vegetarian rice: substitute chicken broth for equal parts vegetable broth or water.
Stovetop instructions: Follow the directions in the same order, but use a large stock pot over medium heat and increase the chicken broth to about 3 cups. After sautéing the onions, garlic, spices, and rice according to the recipe instructions, add the broth and bay leaf and bring to a boil. Cover with a tight lid and turn the heat to low. Simmer 15 to 20 minutes before removing from the heat and fluffing with a fork.