Preheat oven to 350° F. Grease and flour a 10-inch tube pan; set aside.
In a medium bowl, whisk together the flour and baking powder; set aside.
Cream the butter and cream cheese on medium-high speed until light and fluffy, about 3 minutes. With the mixer still running, add in the sugar and continue to beat for another 2 minutes. On medium speed, add the eggs one at a time, beating well after each addition. Add the vanilla and mix to combine. Reduce the mixer speed to low and gradually add the flour mixture; beat until combined.
Add 1/3 of the batter to the tube pan and then sprinkle with half of the cherries and half of the walnuts. Cover with another 1/3 of the batter and then sprinkle with the remaining cherries and walnuts. Top with the remaining batter and use a rubber spatula to smooth the top. Bake in preheated oven for 1 hour, then reduce the temperature to 325° F and bake for an additional 45 minutes.
Cool in pan for 10 minutes and then turn out onto a cooling rack or platter and let cool. Serve at room temperature.
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