Preheat your oven to 350°F. Spray an 8½ x 4½-inch loaf pan generously with nonstick cooking spray, making sure to get the corners and sides.
In a large mixing bowl, whisk together the flour, 1½ cups sugar, baking powder, and salt until well combined.
In a separate bowl, whisk together the milk, egg, 2 tablespoons melted butter, and vanilla extract until smooth.
Pour the wet ingredients into the dry ingredients. Gently fold together with a rubber spatula just until combined. The batter should be slightly lumpy and runny. Do not overmix.
Pour the batter into the prepared loaf pan and spread evenly. Tap the pan gently on the counter to release air bubbles.
Bake for 60 to 70 minutes, until a toothpick inserted into the center comes out with just a few moist crumbs. The top should be golden brown.
Let the bread cool in the pan for exactly 10 minutes. Meanwhile, melt the ¼ cup butter and mix together the ½ cup sugar, cinnamon, and nutmeg in a small bowl.
Run a butter knife around the edges of the pan to loosen the bread. Carefully invert onto parchment paper.
Brush the warm loaf generously with melted butter on all surfaces - top, sides, and ends. Work quickly while the bread is still warm.
Sprinkle the cinnamon-nutmeg-sugar mixture generously over the buttered loaf, turning to coat all sides. Press gently to help it adhere.
Let cool for 10 to 15 minutes before slicing with a serrated knife. Serve warm or at room temperature.