Turn on your Instant Pot and press the “Saute” button. Add the oil when the display reads “HOT”.
Add the beef chunks in batches (I do 3 batches) and cook until browned. We are not cooking them, we are just browning them. Transfer browned beef to a plate.
Add the wine and stock to the pot. Stir to combine and scrape off the browned bits from the bottom, then add the tomato paste and Worcestershire sauce.
Add the browned beef, potatoes, carrots, onions, thyme, bay leaf and garlic. Stir to combine. The liquid is visible on the side, but it does not completely cover the beef and vegetables.
Press the “Cancel” button. Secure the lid and make sure the pressure knob is in the “Sealing” position. Press the “Manual” button and use the – and + buttons to adjust the time to 25 minutes on High Pressure
When the pot beeps, allow the pressure to release naturally for 15 minutes. Carefully turn the knob to release the remaining pressure and remove the lid.
Do a taste test and add additional seasonings if needed.
To Thicken Gravy: remove 4 tablespoons of the cooking liquid and place it in a small bowl. Stir in 2 tablespoons of cornstarch to create a slurry.
Press the “Cancel” button, then the “Saute” button. Add the slurry to the pot and stir until thoroughly combined and the gravy starts to thicken and bubble.
Press the “Cancel” button. Ladle the stew into bowls and garnish with chopped fresh thyme.
Notes
Try to cut the beef, potatoes and carrots into similar sized chunks (1-2 inches) so they cook evenly.
For gluten-free: Substitute arrowroot starch for the flour.
If you do not want to use wine, you can substitute a dark stout (like Guinness) or use all beef stock.