IIS URL Rewrite - Redirect root to subfolder

I want: http://somesite.com to redirect to http://somesite.com/subfolder

Seems like a pretty simple request. I’ve followed the sources online, and they all indicate I should use ^$ for the regex pattern. I’ve also added an HTTP to HTTPS redirect, and it works fine. I’ve also tried disabling that rule just to make sure it wasn’t interfering. This is running on IIS 10 / Server 2016.

My web.config looks like this:

<?xml version="1.0" encoding="UTF-8"?>
<configuration>
    <system.webServer>
        <rewrite>
            <rules>
                <clear />
                <rule name="Redirect root to NmConsole" stopProcessing="true">
                    <match url="^$" ignoreCase="true" />
                    <conditions logicalGrouping="MatchAll" trackAllCaptures="false" />
                    <action type="Redirect" url="/subfolder" appendQueryString="true" />
                </rule>
                <rule name="Redirect to HTTPS" enabled="true" stopProcessing="true">
                    <match url="(.*)" />
                    <conditions logicalGrouping="MatchAll" trackAllCaptures="false">
                        <add input="{HTTPS}" pattern="^OFF$" />
                    </conditions>
                    <action type="Redirect" url="https://{HTTP_HOST}/{R:1}" />
                </rule>
            </rules>
        </rewrite>
    </system.webServer>
</configuration>

Requests to the root domain do not redirect. Why isn’t it working?