Set your Instant Pot to sauté mode and add 1 tablespoon of vegetable oil, allowing it to heat until shimmering. Add the 2 ½ pounds of boneless beef stew meat, sprinkling with 1 teaspoon of kosher salt and ½ teaspoon of freshly ground black pepper. Sear the beef for about 5-7 minutes, turning until browned on all sides, then transfer the beef to a plate.

In the same pot, add another tablespoon of oil, allowing it to warm for a minute. Add 1 diced medium yellow onion and sauté for about 3-4 minutes until softened and translucent, stirring frequently.

Next, stir in 1 tablespoon of tomato paste and 1 teaspoon of dried thyme. Cook for an additional 1-2 minutes, allowing the paste to caramelize slightly.

Pour in ⅓ cup of dry red wine, using a wooden spoon to scrape up the browned bits stuck to the pot’s bottom. Allow the wine to simmer until reduced by half.

Stir in ¾ cup of beef broth and 2 tablespoons of Worcestershire sauce. Return the browned beef along with any juices collected on the plate, then add 3 peeled and chopped carrots, 3 quartered small red potatoes, and 2 cloves of minced garlic.

Close the Instant Pot lid securely and ensure the vent is set to sealing. Select manual high pressure and cook for 25 minutes.

After the cooking time is complete, allow the pressure to release naturally for 10 minutes.

Switch back to sauté mode. In a small bowl, mix 2-3 tablespoons of cornstarch with 2-3 tablespoons of additional beef broth until smooth. Stir this mixture into the pot, simmering for 3-5 minutes until the broth thickens.

Taste your delicious hearty Instant Pot beef stew and adjust seasoning as needed with salt and pepper.

Ladle your savory beef stew into bowls and consider garnishing with freshly chopped parsley. Serve with crusty homemade bread.