Mix flour, steak seasoning, garlic powder, onion powder, kosher salt, and pepper together in a 1-gallon zip-top bag. Add sirloin strips and shake until evenly coated.
Turn on a multi-functional pressure cooker (such as Instant Pot®) and select Saute function. When the pot is hot, add the oil. Then add 1/2 of the steak in one layer. Brown both sides, about 5 minutes, but don’t cook through, and remove to a plate. Repeat with the remaining meat.
Add butter, then onion to the pot. Stir and scrape the bottom of the pot, scraping up all of the browned bits. Add the garlic; stir. Cook for about 20 seconds, then add the red wine. Add consomme, Worcestershire sauce, beef bouillon, and thyme leaves. Mix well to dissolve the bouillon. Cancel the Saute setting. Add the beef tips back into the pot. Close and lock the lid.
Select high pressure according to manufacturer’s instructions; set timer for 25 minutes. Allow 10 to 15 minutes for pressure to build.
Release pressure using the natural-release method according to manufacturer’s instructions, for 10 minutes. Release remaining pressure carefully using the quick-release method, about 5 minutes. Unlock and remove the lid. Stir, taste gravy, and adjust salt if necessary.
You can use beef broth instead of red wine.
If the gravy is not as thick as you want, whisk together 2 tablespoons of cornstarch and 2 tablespoons of cold water in a cup until dissolved. Turn on Saute function again and when the sauce simmers, stir in the cornstarch slurry. Stir until thickened, then turn off the pot.
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