In food processor, pulse carrots until broken into rough 1/4” pieces, 5 - 1 second pulses. Add celery and onion; pulse until all vegetables are broken into 1/8“ pieces, about 5 - 1 second pulses.
Heat butter in large saucepan over med-high heat. When foaming subsides add vegetables and cook, stirring frequently, until softened and well browned about 7 min.
Reduce heat to medium and add flour. Cook, stirring constantly, until thoroughly browned and fragrant, about 5 min. Whisking constantly, gradually add broths; bring to boil, skimming off any foam that forms on the surface. Reduce heat to med-low and add bay leaf, thyme, and peppercorns. Simmer, stirring occasionally, until thickened, 20 - 25 min.
Strain gravy through fine-mesh strainer into sauce pan or bowl. Press on solids to extract as much liquid as possible, discard solids. Adjust seasoning with salt and pepper. Serve hot.
Optional: A double batch can be made in a dutch oven to provide adequate browning space for vegetables, increase cooking time by 50%. Freezes well.
Serves: 8 Total cooking time: 45 min.
Soruce: Cook's Illustrated 11/2003