Butter a 2-quart, round, high-sided baking or soufflé dish; set aside. Place the pressure cooker rack in a stovetop or electric cooker; pour in 2 cups water.

Set a large skillet over medium heat for a few minutes. Add the bacon and fry until crisp, 3 to 4 minutes, turning occasionally. Transfer to a cutting board; chop the bacon into bits. Toss these in a large bowl with the bread pieces.

Whisk the eggs, milk, syrup, and nutmeg in a second bowl until smooth. Pour over the bread mixture and toss well to coat. Pile the mixture into the prepared baking dish; press down to compact somewhat, submerging all the bread into the liquid. Cover the baking dish with a piece of parchment paper, then seal with aluminum foil. Make a foil sling for the baking dish, then lower the sealed dish onto the rack in the pressure cooker. Fold the ends of the sling so they’ll fit inside the cooker.

Lock the lid onto the pot.

STOVETOP: Set the pot over high heat and bring it to high pressure (15 psi). Once this pressure has been reached, reduce the heat as much as possible while maintaining this pressure. Cook for 12 minutes.

OR

ELECTRIC: Set the machine to cook at high pressure (9–11 psi). Set the machine’s timer to cook at this pressure for 18 minutes.

Use the quick-release method to bring the pot’s pressure back to normal.

Unlock and open the cooker. Use the foil sling to transfer the hot baking dish to a wire rack. Uncover the baking dish, cool a few minutes, then scoop out servings in big spoonfuls.