Pat the meat dry, then season all over with the oregano, cumin and a generous amount of salt and pepper. Heat 2 tablespoons olive oil in a 6-quart pressure cooker over medium-high heat. Add the meat and sear on all sides, about 5 minutes. Add the tomatoes, carrots, onion, tomato paste, crushed garlic, bay leaf and 1 1/4 cups water. Lock the lid in place, increase the heat to high and bring the cooker to high pressure. Lower the heat to maintain high pressure and cook 18 minutes. Remove from the heat and use the quick-release valve to bring down the pressure according to the manufacturer's instructions.
Meanwhile, heat the remaining 1 tablespoon olive oil in a skillet over medium heat. Add the bell peppers, season with salt and pepper and cook until soft, about 10 minutes.
Carefully remove the pressure-cooker lid. Discard the bay leaf, then transfer the meat mixture to a bowl and shred the meat into thin rope-like pieces with a fork. Add the peppers, olives, parsley and minced garlic. Season with salt and pepper. Serve with bread, if desired.
Photograph by Kana Okada
Recipe courtesy Food Network Magazine