Dice Beef into Cubes:

If the beef is a chuck roast rather than pre-cut stew meat, dice it into 1 1/2 to 2 inch cubes.

Brown First Batch:

Set the Instant Pot to sauté and warm 1 tablespoon of olive oil. Once hot, arrange half the beef in a single layer and season with half the salt and pepper.

Flip and Brown:

Let the beef brown undisturbed for 4 minutes, until it releases easily from the pot bottom. Flip and brown the other side for about 4 minutes. Transfer to a clean bowl.

Brown Second Batch:

Pour the remaining 1 tablespoon olive oil into the pot. Brown the second half of the beef, seasoning with the remaining salt and pepper, roughly 4 minutes per side. Move to the bowl with the first batch.

Sauté Onion and Garlic:

Sauté the chopped onion in the pot for 2-3 minutes until it softens. Hit cancel, add the minced garlic, and stir for 30 seconds.

Deglaze and Add Broth:

With the pot still hot, deglaze by adding 1 cup of beef broth and scraping up any browned bits. Then pour in the remaining 2 cups of broth.

Add Seasonings and Beef:

Stir in the tomato paste, Worcestershire sauce, Italian seasoning, thyme, and bay leaf. Return the beef and any accumulated juices to the pot. Arrange the carrots and potatoes on top without stirring.

Pressure Cook 35 Minutes:

Lock the lid, set the steam release valve to sealing, and press Manual/Pressure Cook at high pressure for 35 minutes. It will take 10-15 minutes to pressurize. After cooking, let the pressure release naturally for 10 minutes, then quick release any remaining steam with a long spoon.

Discard Bay Leaf:

Open the lid and discard the bay leaf.

Thicken with Cornstarch:

In a small bowl, combine 2 tablespoons cornstarch with 2 tablespoons water. Pour this slurry into the pot, turn on sauté, and simmer while stirring occasionally until the stew thickens. Avoid breaking up the vegetables.