Spray the inside of a 6-quart oval slow cooker with cooking spray.
Cut the day-old French bread into 1/2 inch cubes and place in the slow cooker. Add raisins if using.
In a medium bowl, whisk together milk, heavy cream, eggs, sugars, melted butter, vanilla, cinnamon, and nutmeg until well blended.
Pour the mixture over the bread and raisins. Stir gently to coat. Allow to sit for 20 minutes to absorb the liquid.
Cover and cook on low for 2.5 to 3 hours until set. Check by inserting a knife into the center; it should come out clean.
While the pudding cooks, prepare the vanilla sauce by whisking together sugar, butter, heavy cream, and milk in a small saucepan over medium-low heat until the sugar dissolves. Stir in vanilla extract.
Once the bread pudding is done, slice and serve warm, drizzling with vanilla sauce.
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Notes
Store leftovers in an airtight container in the refrigerator for up to 3-4 days. Reheat gently in the microwave or oven.