Preheat your oven to 350°F (175°C). Grease your 9x5-inch loaf pan thoroughly with butter or baking spray, then lightly dust with flour to ensure the cake releases easily after baking. Set aside.
In a medium bowl, whisk together the all-purpose flour, baking powder, baking soda, salt, ground nutmeg, and ground cinnamon. This ensures that the spices and leavening agents are evenly distributed.
Using your electric mixer, beat the softened butter and granulated sugar on medium speed until the mixture is light and fluffy, about 3-4 minutes.
One at a time, add the eggs to the creamed butter and sugar, beating well after each addition. Stir in the vanilla extract to enhance the flavor profile.
In a small bowl, combine the milk and heavy cream. Add the dry ingredients to the batter in three additions, alternating with the milk and cream mixture in two additions. Start and end with the dry ingredients. Beat on low speed just until combined after each addition to avoid overmixing.
Pour the batter into your prepared loaf pan and smooth the top with a spatula. Bake in the preheated oven for 60-70 minutes, or until a toothpick inserted into the center comes out clean. If the top starts to brown too quickly, tent it loosely with aluminum foil.
Let the cake cool in the pan for about 15 minutes before transferring it to a cooling rack. Allow it to cool completely to room temperature before slicing.