1. Place the Inner Pot in the Pressure AirFryer. Place the tall wire rack in the Inner Pot. Lay the bacon on the rack.
2. Place the Air Frying Lid on the Pressure AirFryer. Ensure that the Air Frying Lid’s wire harness is connected with the wire harness on the Pressure AirFryer. Press the Air Fry Button, scroll to the Beef setting, and press the Program Dial. Press the Timer Button and scroll to set the cooking time to 10 mins. Press the Program Dial to begin the cooking cycle (375° F/190° C).
3. When the cooking process is complete, remove the bacon and dice it into large pieces. Remove the rack from the Inner Pot but leave the bacon grease in the Inner Pot.
4. Season the beef with the salt and black pepper. Press the Sauté Button and then the Program Dial to select the Beef setting. Press the Program Dial again to confirm the default setting and begin the cooking cycle (340° F/170° C for 20 mins.). Divide the beef into two portions and sear in the bacon grease in batches. When the beef is seared, remove and reserve it.
5. Add the shallots, garlic, and pearl onions and sauté for 2 mins. Then, add the carrots and mushrooms and sauté for 3–4 mins. Add the flour and tomato paste and sauté for 2 mins. Press the Cancel Button.
6. Add the wine, cognac, broth, bay leaves, thyme, parsley, beef, and potatoes and stir.
7. Place the Pressure Lid on the Pressure AirFryer and turn the Lid counterclockwise. The Lid will lock and the Pressure Release Valve will close. Press the Pressure Button, scroll to the Beef setting, and press the Program Dial. Press the Timer Button, scroll to set the cooking time to 55 mins., and press the Program Dial to begin the cooking cycle.
8. When the cooking process is complete, the Pressure AirFryer will automatically switch to Keep Warm. Press the Cancel Button. Let the Pressure AirFryer sit to naturally release pressure (about 20 mins.). Then, slide the Steam Release Switch to the Open position. After the steam is released, remove the Lid. Add the cornstarch with water to slightly thicken.