When using the Text tool in Easel, you may encounter a bounding box that is larger than the text. This is tied to the font file. Some of them generate glyphs outside of the letters. You can see this when you select the text box.
Due to this, Easel will size text according to the bounding box, not the letters themselves. There are a few ways to address this issue.
You can convert text into an object by combining it with a shape. First, select a square from the Shape menu.
Resize the square so that it fits perfectly inside one of the letters.
Then go to Edit > Select all. After this, go to Edit > Combine.
This should reduce the size of the bounding box, allowing you to accurately size your text in the Shape tab.
Performing this "text to shape" procedure will also allow you to manipulate text in ways you wouldn't be able to otherwise, such as creating curved text.
Alternatively, you can resize fonts by using the grid on Easel. Each square represents 1" and as you click and drag the bounding box, you can match the letters to that size.