The perfect bread to serve over the holiday with glasses of eggnog.
Preheat oven to 350°
Blend eggnog, butter, eggs and vanilla; mix well. In separate bowl, combine flour, sugar, baking powder and nutmeg; add to mixture. Mix just until all ingredients are moistened. Stir in walnuts and cherries.
Spoon into greased 9 x 5-inch loaf pan. Bake 45 to 50 minutes or until wooden toothpick inserted in the center comes out clean.
Cool in pan for 15 minutes; remove from pan, then cool completely on wire cooling rack. Store at room temperature tightly wrapped in plastic wrap.