Season and Brown the Beef

• Pat the beef cubes dry with a paper towel and season generously with salt and black pepper.
• Heat 2 tablespoons of olive oil in a large Dutch oven or heavy pot over medium-high heat.
• In batches, brown the beef on all sides, about 2-3 minutes per side. Remove the browned beef and set it aside.

Sauté the Onions and Garlic

• Add the remaining 1 tablespoon of olive oil to the same pot. Reduce the heat to medium.
• Add the chopped onions and sauté for 8-10 minutes, stirring occasionally, until softened and lightly golden.
• Stir in the minced garlic and cook for 1 minute until fragrant.

Add Paprika and Tomato Paste

• Sprinkle the sweet Hungarian paprika and caraway seeds over the onions and stir well to coat. Cook for 1 minute to toast the spices.
• Add the tomato paste and stir for another 1-2 minutes to develop the flavor.

Simmer the Goulash

• Return the browned beef to the pot. Pour in the beef broth and stir to combine, scraping up any browned bits on the bottom.
• Add the bay leaf, chopped red bell peppers, potatoes, and carrots. Bring the mixture to a simmer.
• Cover the pot and reduce the heat to low. Let the goulash simmer gently for 1 ½ to 2 hours, stirring occasionally, until the beef is fork-tender and the vegetables are soft.

Adjust Seasoning and Serve

• Taste the goulash and adjust the salt and pepper if needed. Remove the bay leaf before serving.
• Garnish with fresh parsley and serve hot.