Peel and cut carrots in half. Place half in the Instant Pot and leave the other half out.
Rinse and pat dry turkey breast (remove interior packaging if your bird has that). Place the turkey breast into the Instant Pot. Drizzle on the melted butter. Then in a small dish combine the black pepper, salt, dried ground sage, dried thyme leaves, garlic powder, onion powder, and paprika. Mix together.
Then massage the rub onto the exterior of the bird. Tear open the skin and massage in the inside as well. Position the bird so it fits inside the Instant Pot. Then place the remaining carrots around the turkey. Pour 1/2 cup water in the Instant Pot and add the fresh thyme around the turkey breast.
Close the lid and seal the pressure valve. Select "manual" and then press the up arrow button to 25 minutes. It will take 25-30 minutes just to get to pressure. Once the Instant Pot is done and beeps let it sit for 10-15 minutes before releasing pressure. Carefully remove the turkey and the carrots and let rest on a serving platter for an additional 10 minutes (while you’re making the gravy, tent the turkey breast with aluminum foil).
To make the gravy: Place the Instant Pot on “sauté” mode. Let the turkey drippings begin to come to a boil. Make the slurry of cornstarch and water. Mix well and then begin to add the slurry to the Instant Pot whisking in until thickened to your desire. Taste the gravy and season with additional salt and pepper as needed.
Cut the turkey with a carving knife and serve with carrots and homemade gravy on the side.
If you have a 5.5 lb boneless turkey breast you can reduce the cooking time by 5 minutes.