1 (2-1/4 tsp.) envelope Fleischmann's® Active Dry Yeast
2 tablespoons butter OR margarine, softened
1/2 cup water
1 can (5-ounces) evaporated milk
1/4 cup brown sugar
1/2 teaspoon ground cinnamon
1/4 teaspoon ground nutmeg
2 tablespoons butter OR margarine
2 cups sliced fresh peaches OR 1 package (16 ounces) frozen sliced peaches, thawed and drained
Powdered Sugar Glaze
1/2 cup powdered sugar, sifted
2 to 3 teaspoons milk
Combine 1/2 cup flour, sugar, salt and undissolved yeast in large mixer bowl. Add 2 tablespoons softened butter. Heat water and evaporated milk until warm (100˚ to 110˚F). Gradually add to flour mixture. Beat 2 minutes at medium speed of electric mixer, scraping bowl occasionally. Add egg and 1/2 cup flour. Beat on high speed for 2 minutes, scraping bowl occasionally.
Stir in 1/2 cup more flour to make a stiff batter. Spread evenly in greased 9-inch square pan.
Combine remaining 1/4 cup flour, brown sugar, cinnamon and nutmeg. Cut in 2 tablespoons butter until crumbly; sprinkle over cake. Cover tightly; let chill 2 to 24 hours.
Remove from refrigerator. Arrange peach slices on top. Cover; let rise in warm, draft-free place until doubled in size, about 1 hour.
Bake at 400°F for 20 to 25 minutes, or until done. Remove from oven; let stand 10 minutes. Drizzle with Powdered Sugar Glaze.
Powdered Sugar Glaze: Combine powdered sugar and milk in a small bowl. Stir until smooth.
Recipe Tip: Coffee cake may be baked immediately, without refrigerating.