2 tablespoons flour mixed with 2 tablespoons of water to make a paste
Season the beef pieces with salt and pepper.
Turn the Instant Pot on, select sauté. Once hot, carefully add the diced/cubed bacon to the pot. Cook until just crispy, stirring around occasionally. Remove to a paper-lined plate and set aside.
Add the beef to pot, cook until browned, about 3 minutes on each side. Remove and set aside, covered with foil.
To the pot, melt the butter then add in the onions and carrots, sauté for about 1 - 2 minutes. Add in the minced garlic and continue cooking for an additional minute.
Pour in the beef broth, wine and add the tomato paste, stirring to mix well. Continue to add in the bay, thyme, and chives, cooking on the sauté setting uncovered for about 10 minutes. This allows the alcohol to properly evaporate.
Turn off the sauté setting. Mix in the mushrooms, beef, bacon and potatoes, gently stirring, cover, seal the valve, and set Instant Pot to Meat/Stew setting for 45 minutes. Once finished cooking, then quick-release the pressure according to manufacturer’s directions.
In a small bowl, mix the flour with water to create a thin paste. Set the Instant Pot to sauté one last time, allow to come to a boil, add in the flour mixture and combine well. Stir frequently to help thicken, cooking for 2 - 4 minutes.
Taste, adjust seasoning if needed, garnish with additional fresh thyme leaves, and serve.