Set the instant pot to “sauté” and heat 1 tbsp olive oil.
Split the beef in 2 parts to avoid overcrowding the pan. Add the first batch to the hot olive oil, and sear on both sides forabout 5 minutes.
Remove the beef and set aside and repeat the process with the second batch of beef.
Add the remaining 1 tbsp olive oil and sauté the chopped onions and minced garlic until fragrant.
Add all the other ingredients (except the parsley and cornstarch), give a good mix.
Add the caramelized beef back to the instant potand give it a good stir.
Put the lid on and set the instant pot valve to “seal”.
Set the instant pot to “stew-meat” and cook forabout 35 minutes.
When the timer beeps, let the pressure release naturally all the way down, or wait 10 minutes and do the quick release method, by carefully turning the valve to the open position, releasing the remaining pressure.
Add about 1 cup of the stew liquid to a small bowl and whisk the cornstarch. Add the cornstarch slurry back to the instant pot and mix until the stew has thickened.
Adjust salt and pepper, add fresh parsley, and remove bay leaves (if using) before serving.