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Pat the roast dry with paper towels. Make 20 deep slits evenly all over the roast and slip a garlic slice into each slit.
Combine 1 tsp of the oil, salt, pepper, rosemary, thyme, onion and garlic powders in a small dish. Rub the mixture all over the roast. Cover the roast and refrigerate at least 2 hours and up to 1 day.
Remove the roast from the refrigerator and let it sit at room temperature for 1 hour.
Press "Saute" on your Instant Pot and set the heat to "More". Add the remaining oil and, when it's shimmering, add the roast. Sear it on all sides until it's nicely browned. Remove the roast and set it aside.
Pour the beef broth into the pot and scrape up any browned bits on the bottom (this is very important as anything stuck to the bottom of the pot could prevent the pot from coming to pressure). Place the roast back in the pot.
Close and lock the lid. Press "Meat/Stew" and set the timer for 60 minutes. Make sure the pressure valve is set to "sealing".
When the time is up, wait 10 minutes, then release any remaining pressure.
Place the roast on a cutting board and tent it with foil. Let it rest for 10 minutes, then slice it and serve.
OPTIONAL: Set the Instant Pot back to "saute" and bring the liquid in the pot to a boil. Boil for 5 minutes or until it's reduced to about half. Mix together 1 tbsp cornstarch with 2 tbsp cold water to form a slurry. Add to the pot and stir constantly until it's thickened, about 2 minutes. Taste and season as necessary. Serve the gravy with the roast.