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Season the beef pieces with the salt and pepper.
Set instant pot multi cooker to SAUTÉ (normal heat) function. Spray inner pot with cooking spray.
Add beef, in two batches, and brown—about 3 minutes per side. Remove to a plate and set aside.
Add onions and garlic to the pot; cook stirring for 2 minutes. Stir in oregano, cumin, and bay leaves; cook for 1 minute more.
Turn off heat and add the remaining ingredients.
Return the beef and any accumulated juices back to the pot.
Close the lid and set the pressure release valve to SEALING. Pressure cook (on HIGH) for 60 minutes.
Allow pressure to release naturally (let the pot sit without disturbing) for 10 minutes, then turn the pressure release valve to the VENTING position to release the remaining steam.
Open the lid and remove the meat to a large shallow dish. Set aside.
Skim as much fat as possible from the surface of the cooking liquid then strain over a bowl, pressing the solids to extract all of the juices.
Return the strained liquid to the pot. (Discard the solids.)
Set the cooker to SAUTÉ function and allow the liquid to boil until reduced by half (about 1 1/2 cups), about 10 minutes.
While the liquid reduces, use two forks to pull the meat into shreds. Adjust salt, to taste.
Serve moistened with sauce.