New! New England Clam Chowder

Name: New! New England Clam Chowder
Ingredients: 1 tablespoon plus 1 teaspoon olive oil; 4 slices Canadian bacon, diced (2 ounces); 1 large onion, chopped (about 2 cups); 6 stalks celery, diced (about 2 cups); Kosher salt and freshly ground pepper; 1 tablespoon finely chopped garlic (about 3 large cloves); 2 teaspoons chopped fresh thyme; 2 1-pound containers frozen clams packed in their own juice, thawed, juice reserved; 1 1/4 pounds russet potatoes, cut into 1/2-inch dice; 1 bay leaf; 2 cups cold low-fat (1 percent) milk; 2 tablespoons heavy cream; 3 tablespoons all-purpose flour; Hot sauce (such as Tabasco), for serving (optional)