Step 1In the bowl of a stand mixer or in a large bowl, drizzle the yeast over the warm milk, stirring to combine. Set aside for a few minutes to hydrate the yeast.
Step 2Meanwhile, in a separate large bowl, sift together the flour, sugar and salt.
Step 3Using the paddle attachment with a stand mixer, or a hand-held mixer, beat the softened butter into the yeast mixture. With the mixer running, add the flour mixture until thoroughly combined, scraping down the sides of the bowl as needed (as the dough thickens you may need to do this by hand). Continue to mix on medium speed until the dough appears sticky but becomes smooth to the touch when you roll a small piece into a ball, about 2 minutes.
Step 4Form the dough into a disc and transfer it to a lightly greased bowl. Cover loosely with plastic wrap and set aside to rise in a warm place until doubled in volume, about 1 hour (time will vary depending on the temperature in the room).
Step 1Punch down the risen dough and turn it out onto a lightly floured work surface. Roll the dough into a rectangle one-fourth-inch thick. Using a pizza cutter or sharp knife, cut the dough into 1-by-2-inch rectangles. (The dough can also be cut into triangles, but rectangles are speedy and easy. It's also OK if some of the end pieces are imperfect; just intersperse them among the prettier rectangles and the bread will bake up great.)
Step 2Dip each dough rectangle into the melted butter and arrange the rectangles in the bottom of a nonstick Bundt pan, crisscrossing and overlapping the pieces. Continue until all of the dough is used.
Step 3Cover the Bundt pan loosely with plastic wrap and set aside until dough is risen and comes almost three-fourths up the sides of the pan, about 1 hour. Meanwhile, heat the oven to 350 degrees.
Step 4Uncover the pan and bake until the bread is puffed and lightly golden brown on top, about 25 to 30 minutes, rotating the pan halfway through baking for even coloring.
Step 5Remove to a rack and cool, still in the pan, for 15 minutes. Gently flip the monkey bread upside down onto a serving plate and serve warm.