Slow-Braised Meatballs with Cranberry Sauce

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2 slices white sandwich bread

1 cup whole milk

1 pound ground beef

1 pound ground veal

1 pound ground pork

1 medium onion, chopped

4 cloves garlic, minced

4 sprigs fresh thyme, leaves picked

1 large egg

Kosher salt and freshly ground black pepper

Extra-virgin olive oil

1 bottle red wine

1 quart low-sodium beef stock

1 tablespoon honey

1 tablespoon Dijon mustard

1/2 teaspoon caraway seeds

2 tablespoons creme fraiche

Cranberry Sauce:

10 ounces frozen cranberries

1 orange, juice only