Add macaroni, water, broth, butter, salt and garlic powder to your Instant Pot (we used this one). Seal and cook for 6 minutes on high pressure. Once cooking is complete, quick release the pressure.

After pressure has been released, open the lid and add the evaporated milk. Next, add in both cheeses one hand full at a time. Stir until all cheese is melted and macaroni is coated in the cheese sauce.

Serve immediately.