Position a rack in the middle of the oven. Preheat oven to 400℉. Line a baking sheet with parchment paper.
In the bowl of a food processor, combine the flour, sugar, baking powder, baking soda and salt. Give it a couple of pulses, then add the butter pieces; pulse until butter is incorporated and small crumbs are formed.
Pour the flour/butter mixture into a large bowl and make a well in the center. Add the buttermilk, egg, and egg yolk and stir just until moistened. Then stir in the ¾ cup raisins and ¾ cup cherries.
Turn the dough out onto a lightly floured surface and knead gently 5 to 10 times (dusting flour lightly onto dough if it’s too sticky). Knead just until the dough comes together and is smooth. Divide the dough in half and shape each half into a round. Stud a few extra raisins and cherries into the tops of the loaves. Dust the tops of the rounds lightly with a little flour.
Transfer the rounds to the prepared baking sheet, leaving about three inches between them. Place another baking sheet of the same size underneath to prevent burning. With a sharp knife, slash the tops with a large X about ½-inch deep.
Bake until the loaves are a dark-golden brown and crusty, 30 to 35 minutes, or until a toothpick inserted into the center of the X comes out clean. The loaf should sound hollow when tapped on the side.
Serve warm or at room temperature. Store wrapped in plastic at room temperature or freeze in a zip bag for up to 2 months.
Notes
Using low fat buttermilk is just fine.
If you don't have a food processor, this recipe can be made by hand. Use your fingers to rub the flour and butter together to create the crumbs.
Check on your baking bread at about 25 minutes. If it appears to be browning too quickly, cover loosely with foil.