from Joy of Cooking
12 to 16 ounces white bread, stale but not hard 3/4 cup raisins (optional) 4 large eggs 3/4 cup sugar 1 teaspoon vanilla 1 teaspoon ground cinnamon 1/2 teaspoon freshly grated nutmeg 1/2 teaspoon salt 3 cups milkDirections:
Butter a 2-quart baking dish. Trim the crusts from the bread and cut into 1/2-inch cubes. Spread the bread evenly in the prepared baking dish, and scatter the raisins over the top if using. (I put half the bread in the pan, scatter the raisins, and then add the other half of the bread.)
Whisk together the eggs, sugar, vanilla, cinnamon, nutmeg and salt. Whisk in the milk. Carefully pour the milk and egg mixture over the bread in the dish. Let it stand for 30 minutes, occasionally pressing down on the bread with a spatula to help it absorb the liquid.
Preheat the oven to 350ºF. Place the baking dish in a larger baking pan. Transfer to the hot oven, then gently pour hot tap water into the larger baking dish, around the bread pudding, about halfway up the bread pudding dish. (This is a water bath and really makes a difference!) Bake in the oven until puffed and firm in the center, about 1 1/4 hours. Serve warm or cold with whipped cream.
The pudding can be made several days in advance, cover with foil and refrigerate. To reheat, bake for 15 minutes in a 325ºF oven.