Press “sauté” and add olive oil in an instant pot.
Add pepper and the vegetables in it and sauté for 5 minutes.
When the vegetables become soft, remove them and put them aside.
Add butter in the instant pot, when it is melted add flour in it.
Cook for 5 minutes until it is dark brown.
Add beef broth, vegetables and beef, tomatoes and chilies, bay leaves, salt and pepper.
Cover the pot with lid and seal the valve.
Cook for 20 minutes on manual “high” pressure.
Release the pressure quickly.
Remove the bay leaves and serve.