Instant Pot Beef Bourguignon

Name: Instant Pot Beef Bourguignon
Ingredients: 1 pound stew beef, cut into 1-inch pieces; 2 tablespoons all-purpose flour; Salt and pepper, to taste; 1 tablespoon olive oil; 1 tablespoon unsalted butter; 1 large bay leaf, fresh or dried; 2 large garlic cloves, smashed; 1/2 teaspoon dried thyme; 2 yellow onions, cut into half-inch slices; 2 medium carrots, peeled and cut into 1-inch pieces; 1 tablespoon tomato paste; 8 ounces button mushrooms, cleaned; Red wine, enough to cover meat (see directions)