Pat the meat dry with paper towel. Sprinkle with salt and pepper.
Heat oil in the pot of an electric pressure cooker turned to the sauté setting. Add the beef and cook until nicely browned on all sides, about 10 minutes total. Remove to a covered plate and set aside.
Add carrots, onion, celery, and garlic to the pot and sauté for several minutes until onions are translucent and garlic is fragrant, stirring frequently.
Slowly pour in the red wine, stirring and scraping the bottom of the pot to loosen up any browned bits. Continue simmering for a few minutes, then add thyme, bay leaf, cloves, and beef broth.
Return beef to pot. Lock pressure cooker lid in place and set to HIGH pressure for 45 minutes, followed by natural release. (On an Instant Pot, press 'cancel' at the end of the cooking time to turn off the 'keep warm' function, then allow to release naturally. This takes about 15 minutes.)
After pressure has released naturally, remove the lid. Remove the beef to a serving dish and cover with foil to keep warm.
Pour liquid from pot through a fine mesh sieve into a bowl. (There will be about 4 cups of liquid.) Discard veggies and return liquid to the pot. Turn the pressure cooker back to the sauté function and bring liquid to a simmer.
In a small bowl, dissolve corn starch into 1/4 cup of cooking liquid and add to the pot, stirring almost constantly.
Continue simmering until sauce has reduced by half and has thickened, about 10-15 minutes. Taste and season with salt and pepper as needed.
Thinly slice the roast beef and top with red wine sauce. Serve immediately.
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