How to transform text by actual bounding box without expanding it?

I wanted to edit my previous post, but apparently the button for that is disabled. But I wanted to add that you can align text objects according to glyph bounds (the physical shape of the letter). Bring up the Align palette and click on the little options flyout menu. A setting "Align to Glyph Bounds" should be visible in the menu. It brings up options to apply the setting to Point Text or Area Text. I find that setting works alright for blocky, geometric sans serif letters. Type a starter letter, such as "E", align it to the desired object and then type out the rest of the text string. For many other kinds of typefaces, ones with features that over-shoot the baseline and cap height lines, it's more necessary to just snap the object to the desired location using its baseline. An "align to baseline" function would make that task faster.

Hey, thank you very much for the quick reply. That's an awesome feature that I somehow completely missed from the new update. But it doesn't help me I'm afraid. I'll give a direct example.

I need the width of the word 'Hey' to be perfectly aligned between the top and bottom horizontal guides. The distance between them is 980. When I change the bounding box width to 980 from the Transform panel on the right, I still have extra space before "H" and a little bit after "Y". Is there any way to force the bounding box to touch the edges of the actual text, like in Photoshop?