Preheat oven to 375 F. Tear the bread into 1-inch pieces and place in a very large bowl. Pour in the milk and let the bread soak until saturated, about 30 minutes; stir briskly with a wooden spoon. Coat a 13 x 9-inch dish with baking spray, or butter it lightly. Stir together the eggs, sugar, vanilla, cinnamon, raisins and peach. Pour the mixture into the prepared baking dish and bake until the pudding is set, about 1 hour. PEACH SAUCE: Coarsely puree the peaches in a food processor or blender. Add the confectioners sugar and orange juice. Chill. Serve the pudding with cold peach sauce. If youre feeling generous, you could offer an alternative of hot butterscotch sauce discreetly laced with bourbon or rum. Just before serving, fold in a diced peach.