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Turn on Saute on your Instant Pot and select High temperature, wait for the display to read Hot.
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Add olive oil and then saute the onion in it for about 3-4 minutes. Add garlic and cook until fragrant, about 30 seconds.
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Add the ground beef, and cook for about 6-7 minutes until no longer pink, breaking it with a wooden spoon.
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Drain the fat and add the tomato paste and crushed tomatoes, stir well while cooking for about 5 minutes.
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Add the rest of the ingredients to the pot. Stir well.
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Bring the liquid to a low boil.
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Close the IP with the lid. Turn the steam release vent to 'sealing' and using the manual setting, set it to cook for 12 minutes at High Pressure.
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When the cook time is up, allow the pressure to reduce on its own without opening the steam release vent for 15 minutes, this is called Natural Pressure Release. After 15 minutes gently release the rest of the pressure by opening the vent.
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Open the lid and gently stir the chili.
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If you prefer the chili thicker: turn on the Sauté function, use the 'adjust' button to turn it the medium heat setting.
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In a small bowl mix cornstarch with water until dissolved and add it to the pot. Gently stir to combine and let it simmer for 5 minutes until it thickens.
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Season with salt and pepper to taste.
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Serve hot with favorite toppings.