In large bowl, toss beef with salt and pepper. Spray 6-quart Instant Pot™ insert with cooking spray. Select SAUTE; adjust to normal. Melt butter in insert. Add beef in 2 batches, and cook 2 to 4 minutes on first side until browned. Turn and cook 2 to 4 minutes longer on second side or until browned. Select CANCEL.
Return beef to insert. Stir in tomato paste. Stir in onions, carrots and potatoes. Stir in broth. Secure lid; set pressure valve to SEALING. Select MANUAL; cook on high pressure 45 minutes. Select CANCEL. Set pressure valve to VENTING to quick-release pressure.
In small bowl, beat cornstarch and water with whisk. Select SAUTE, and adjust to normal; heat liquid to simmering. Gently stir in cornstarch mixture; cook 30 to 60 seconds, stirring frequently, until thickened. Select CANCEL.
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(No Title): Instead of 2 lb of stew meat, you can purchase a 2 1/2- to 3-lb beef chuck roast, and cut it yourself. Trim off the fat, and cut into 2-inch pieces. You should end up with about 2 lb meat.
(No Title): Top with chopped fresh parsley for a pretty, fresh garnish.
(No Title): Kitchen Tested - 11/2017.