Position a rack in the center of the oven and preheat the oven to 400ºF. Line a dutch oven, a cast iron skillet, or a 9 inch baking pan with a sheet of parchment paper, set aside.

In the bowl of a stand mixer, combine 3 ¾ cups of flour, milk powder, baking soda, baking powder, sugar, salt, caraway seeds, and grated cheddar. Stir using the dough hook for just a few seconds. Add the cold cubes of butter and let the machine break the butter into small pieces so it resembles a coarse meal. You can also do this easily by hand. Stop the mixer until ready to add wet ingredients.

In a bowl, whisk together the egg and the buttermilk. With the stand mixer on the 'stir' setting, slowly pour in the buttermilk mixture and allow to mix until the dough starts to come together. This should take less than 1 minute. If the dough appears really wet, add an additional ¼ cup of flour. I find this happens more with DIY buttermilk. Continue to bring the dough together using your hands or a wooden spoon. The dough should be shaggy yet slightly tacky. Do not add anymore flour if your bread has reached this texture. If needed add the remaining ¼ cup of flour.

Turn the dough out on to a floured surface. Form the dough into a round loaf, working the dough as little as possible.

Place the dough on the prepared baking pan and cut an 'x' across the top about ¼ of the way through the loaf. This will allow the bread to cook evenly. Bake for 35-45 minutes or until the the bread is golden brown on top. Mine took exactly 37 minutes. Insert a skewer into the center of the bread and if it comes out clean, the bread is done.

Let bread cool for 15-20 minutes before slicing into it - that's IF you can wait that long!