In a large Dutch oven, heat oil and butter over MEDIUM heat.
2 tablespoons olive oil, 1 tablespoon butter
Add carrots, onion, green peppers, bell peppers, fennel and jalapeno peppers, and cook the vegetables, 5-7 minutes, or until tender and fragrant.
1 cup diced carrots, ½ cup diced yellow onion, ½ cup diced green peppers, ½ cup diced sweet bell peppers, ½ cup diced fennel, 1 medium diced jalapeno peppers
Sprinkle flour over the vegetables and stir. Cook another 30 seconds, while stirring.
2 tablespoons all-purpose flour
Add the chicken broth and potatoes; stir well.
6 cups unsalted chicken broth, 2 cups yukon gold potatoes
Bring the soup to a boil, and reduce heat to MEDIUM-LOW.
Simmer the soup, uncovered, 15 minutes or until potatoes are tender.
Reduce heat to LOW; add salt, ground pepper, nutmeg and milk. Stirring often, cook an additional 5 minutes.
½ teaspoon kosher salt, ¼ teaspoon ground white or black pepper, 1/8 teaspoon freshly grated nutmeg, 1 cup milk
Add shredded cheese and stir until the cheese melts.
1 cup 4 ounces shredded sharp Cheddar, ½ cup 2 ounces shredded Gruyére or Swiss cheese
Enjoy!