Dave's Pressure Cooker Beef Bourguignon

Ingredients

• 1 tablespoon good olive oil
• 8 ounces dry cured center cut applewood smoked bacon, diced
• 2 1/2 pounds chuck beef cut into 1-inch cubes
• Kosher salt
• Freshly ground black pepper
• 1 pound carrots, sliced diagonally into 1-inch chunks
• 2 yellow onions, sliced
• 2 teaspoons chopped garlic (2 cloves)
• 1/2 cup Cognac
• 1 (750 ml.) bottle good dry red wine such as Cote du Rhone or Pinot Noir
• 1 can (2 cups) beef broth
• 1 tablespoon tomato paste
• 1 teaspoon fresh thyme leaves (1/2 teaspoon dried)
• 4 tablespoons unsalted butter at room temperature, divided
• 3 tablespoons all-purpose flour
• 1 pound frozen whole onions
• 1 pound fresh mushrooms stems discarded, caps thickly sliced