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Step 1
Preheat oven to 350F (175C) and very thoroughly grease and flour a 12-cup bundt pan (be sure to tap/shake out excess flour).
Step 2
In the bowl of a stand mixer or in a large bowl using an electric mixer, combine butter, cream cheese, and sugar and beat on medium-speed until well-combined and batter is lightened in color.
Step 3
Add eggs, one at a time, stirring well after each addition (about 10 seconds on medium-speed after each addition). Scrape the sides and bottom of the bowl and stir in vanilla extract. Mixture should be very smooth, light, and creamy when finished.
Step 4
In a separate bowl, whisk together flour, baking powder, and salt.
Step 5
With mixer on low-speed, alternate adding the flour mixture and milk mixture to the butter batter, starting and ending with the flour mixture (I usually add the flour in 3 parts and the milk in 2). Pour batter into prepared bundt pan and bake on 350F (175C) for 50-60 minutes or until a wooden skewer inserted in the thickest part of the cake comes out clean or (preferably) with a few moist crumbs. If you have a lighter-colored bundt pan, it may take longer in the oven.
Step 6
Allow to cool for 15-30 minutes then carefully invert onto cooling rack to cool completely before covering with glaze.
Step 7
Prepare glaze by whisking together powdered sugar, melted butter, and vanilla extract. Add milk, one tablespoon at a time, until consistency is thin enough that it falls in ribbons off of whisk but holds its shape for several seconds before melting back into the bowl.
Step 8
Drizzle over cooled pound cake, allow glaze to set for 30-60 minutes (this may be faster or longer, depending on the precise thickness of your glaze) and then dig in!