Turn the Instant Pot to the sauté mode. Add olive oil and allow it to heat up.
Once hot, add the beef cubes in batches, browning them on all sides (about 4-5 minutes per batch). Remove the beef and set aside.
In the same pot, add the chopped onion and sauté for about 3 minutes until softened. Add the minced garlic and cook for an additional 1 minute.
Stir in the carrots and potatoes, mixing well with the onions and garlic.
Add the browned beef back to the pot, along with the beef broth, tomato paste, thyme, rosemary, bay leaves, and season with salt and pepper.
Close the Instant Pot lid and ensure the valve is set to sealing. Pressure cook on high for 35 minutes.
Once the cooking time is complete, allow for a natural release of pressure for about 10 minutes, then carefully perform a quick release for any remaining pressure.
Remove the bay leaves. If you prefer a thicker stew, mix the cornstarch with water to create a slurry and stir it into the stew. Then turn on the sauté mode again, stirring until the sauce thickens (about 2-3 minutes).
Notes
Serve the stew in deep bowls, garnished with fresh parsley and accompanied by crusty bread for dipping.