Instant Pot Beef Bourguignon

Pat beef dry; sprinkle with 1/2 tsp. salt and pepper. Heat 2 tsp. oil in a large heavy skillet over medium-high heat. Add half the beef and cook, turning occasionally, until well browned, 4 to 6 minutes. Transfer to a plate. Add another 2 tsp. oil and brown the remaining beef; transfer to the plate. Add wine, stirring to scrape up any browned bits, and cook until reduced by half, 1 to 2 minutes.

Meanwhile, heat 2 tsp. oil in a multicooker using the Saute setting. Add chopped onion and carrots; cook, stirring occasionally, until softened, 4 to 6 minutes. Add garlic and thyme; cook, stirring, until fragrant, 30 seconds to 1 minute. Add tomatoes, broth and bay leaf, along with the beef and any accumulated juices, and the reduced wine.

Lock the lid in place and twist the steam-release handle to the sealed position. Select Pressure Cook/High for 40 minutes (or follow manufacturer's directions to pressure-cook for 40 minutes). When pressure-cooking is complete, let the pressure release naturally for 15 minutes.

Meanwhile, heat the remaining 2 tsp. oil in the skillet over medium-high heat. Add mushrooms and the remaining 1/4 tsp. salt; cook, stirring occasionally, until tender and lightly browned, 8 to 10 minutes. Cook pearl onions according to package directions; drain.

Release the remaining pressure in the multicooker manually. Select the Saute setting. Stir cornstarch and water in a small bowl; add to the stew. Cook, stirring, until slightly thickened, about 2 minutes. Stir in vinegar to taste, and the mushrooms and pearl onions. Garnish with parsley, if desired.