Preheat the oven to 500 degrees F. Line a baking sheet with heavy-duty foil and place an oven-safe wire rack on top of the foil. Set aside.
In a large mixing bowl, combine the chuck, bread crumbs, milk, nutmeg, salt, and pepper. Mix until well combined. Shape the beef mixture into 1-inch meatballs and place them on the prepared baking sheet rack.
Bake for 8-10 minutes until the meatballs are cooked through.
While the meatballs are cooking, melt the butter in a microwave-safe dish. Stir in the flour until smooth.
Pour the beef consommé and flour mixture into the crock of a slow cooker. Whisk to combine. Then whisk in the heavy cream. Add the cooked meatballs to the cream sauce along with a bay leaf.
Cover and cook on LOW for 2 hours. Stir again to coat the meatballs in the sauce. Serve warm.
Notes
Nutritonal information is for 1 meatball with about 2 teaspoons of sauce.
If you can't find beef consommé at the store (I found it at Walmart), you can substitute beef stock. It's not quite as rich in flavor, but the recipe will still come out tasty.