Set you pressue cooker to the saute setting.
Liberally salt and pepper all sides of the short ribs.
Pour the olive oil into the hot pressure cooker.
Add the short ribs and cook them on all sides until they are fully seared. This will take about 8 minutes to get all the sides browned.
Remove the short ribs from the pot and place them on a plate.
Add the red wine and scrape the bottom of the pot with a wooden spoon to losen all the good pieces from the meat (this is called deglazing the pan).
Add the beef broth.
Stir in the thyme and rosemary.
Add the carrots and onions.
Add the short ribs back to the pot. Nestle them in between the carrots and onions.
Close the pressure cooker and set it for 50 minutes.
When the time is up, self release the steam.
Remove the short ribs and place them on a plate to rest.
Strain the liquid and discard the carrots and onions, saving only the broth.
Return the broth to the pressure cooker and set it on sear.
Stir together the cornstarch and water in a small bowl.
When the liquid in the pressure cooker starts to boil, slowly add the cornstarch mixture while stiring the liquid. The liquid with start to thicken and become a gravy. If it's not thick enough for your liking add another tablespoon of cornstarch and water mixture.
When the liquid is thickened, tasty it and add additional salt and pepper if needed.
Pour the liquid over the short ribs.
Serve with butter noodles, rice, or mashed potatoes.