Preheat the oven to 350 degrees. Spray a bread pan with cooking spray.

In a large bowl cream together the sugar and butter. Add in the eggs and vanilla and mix well.

In a medium bowl combine the flour and baking powder. Mix well.

Add the flour mixture to the butter mixture along with half of the milk and mix well. Add in the remaining milk and stir until combined.

Add the pecans, peaches, cinnamon, and nutmeg, and mix until just combined.

Pour into the prepared pan and bake for 1 hour.

Remove from the oven and cool for 10 minutes. Run a knife around the edges of the pan and remove the bread to a wire rack to cool completely.