Step 1: Rinse the jasmine rice under cold water in a colander to remove excess starch.
Step 2: In a medium saucepan, heat 1 tablespoon of butter and 1 tablespoon of olive oil over medium heat. Once melted, add the finely diced onion and sauté until translucent, about 3-4 minutes. Add the minced garlic and sauté for an additional 30 seconds until fragrant.
Step 3: Add the rinsed jasmine rice to the saucepan and stir well to coat the grains with the butter and oil. Toast the rice for about 2-3 minutes, stirring frequently.
Step 4: Pour in 1 and 1/2 cups of low sodium chicken broth and add the dried bay leaf, salt, pepper, and turmeric. Stir everything together.
Step 5: Increase the heat to high and bring the mixture to a boil. Once boiling, reduce the heat to low and cover the saucepan with a lid.
Step 6: Allow the rice to simmer on low heat for about 15-20 minutes, or until all the liquid has been absorbed and the rice is tender.
Step 7: Once cooked, remove the saucepan from the heat and let it sit covered for an additional 5 minutes. Remove the bay leaf, fluff the rice with a fork, and serve warm.