Set the Instant Pot to the sauté mode on high heat. Pour 1 tablespoon of oil to cover the bottom of the pot. Add half of the beef in a single layer and sear it until it’s golden brown, about 4 minutes. Use tongs to flip the pieces and brown the other side for about 3 minutes. Once cooked, transfer the seared beef to a plate and repeat with the remaining beef. Set aside for later.
In the Instant Pot, add the remaining tablespoon of oil. Sauté the onion, stirring occasionally, until it becomes translucent, about 2 minutes. Add the garlic and tomato paste, and sauté for about 30 seconds, or until fragrant.
Pour in the wine, thyme, and bay leaf. Scrape the bottom of the pot to release the browned bits. Simmer the mixture until the wine has reduced by half, about 1 minute.
