Pour the olive oil into your Instant Pot and press the SAUTE button. While the oil heats, season the beef pieces generously with salt and pepper. Once the oil shimmers, brown the meat in batches — don't crowd the pot. You want deep caramelization on all sides, which takes about 6-8 minutes total.
Pour in 1 cup of the beef broth and scrape up those beautiful browned bits with a wooden spoon — this is pure flavor gold. Stir in the remaining broth along with the tomato paste until everything combines smoothly. Press CANCEL to stop the saute function.
Add the potatoes, carrots, onion, garlic, Worcestershire sauce, rosemary, thyme, and bay leaves to the pot. Give everything a thorough stir so the vegetables nestle into the liquid — some pieces will peek above the surface, which is perfectly fine.
Secure the lid and make sure the valve is set to SEALED. Press MANUAL (or PRESSURE COOK) and set the timer for 35 minutes on HIGH pressure. The pot will take about 10 minutes to come to pressure before the actual cooking begins.
⏱ 35 min
Let the pressure release naturally for 15 minutes — this gentle decompression keeps the meat incredibly tender. After 15 minutes, carefully turn the valve to VENTING to release any remaining pressure.
⏱ 15 min
Remove the bay leaves and ladle out 1 cup of the cooking liquid into a small bowl. Whisk the cornstarch into this liquid until completely smooth with no lumps. Pour the mixture back into the pot and stir gently — the stew will thicken beautifully within a minute or two.