Melt the olive oil and butter together in a large soup pot set over medium heat. Add the onion and carrots and cook until softened, 5 minutes. Whisk in the flour and cook about 2 minutes, then gradually whisk in the broth, and then the milk. Add the broccoli, bay leaves, garlic powder, paprika, cayenne, nutmeg, and season with salt and pepper. Bring to a simmer, reduce the heat to medium, and cook, uncovered, until the broccoli is tender, about 10 minutes. Remove the soup from the stove. Remove and discard the bay leaves, then pour about half the soup into a blender or use an immersion blender. Return the soup to the stove and set over low heat. Stir in the cheese and thyme, cook until melted and creamy.Meanwhile, cook the noodles according to package directions. To serve, add the noodles to serving bowls, then pour the soup over the noodles and top with a little extra cheddar and fresh thyme. Enjoy!