Makes 1 loaf
Soften yeast in the lukewarm water.
To the scalded milk add the butter, sugar and salt, stirring until the butter is melted. Cool to lukewarm. Add 1 cup of flour. Add the eggs, one at a time, beating after each addition. Stir in the yeast. Add the remaining sifted flour to the mixture and beat hard from 3 to 7 minutes (an essential step because this dough is not kneaded).
Cover and let rise in a warm place until doubled in bulk, about 1½ hours.
Place almonds in the bottom of a well-greased mold or tube pan. Stir batter down and blend in the raisins. Spoon the batter into pan or mold. Cover and let rise until doubled in size, about 1 hour.
Bake in a preheated 350° oven for about 50 minutes, or until the top is browned. Let cool about 5 minutes, then turn out of pan upside down. Sprinkle with powdered sugar. The powdered sugar will make an attractive design on the almond-covered top if you sift it first, then lay a paper doily over the top of the bread, shake the sugar through the small holes in the doily, and carefully remove the doily.