It's likely your First Baseline setting (Object > Text Frame Options > Baseline Options > First Baseline > Offset) is set to Ascent, (the default). To get what you want, set it to Cap Height.
Or, perhaps you've got a Text Inset (same dialog) accidentally set as a default.
Thanks John! That did it. Is there any way to set Cap Height as the default?
To set it as the default for the current document, set it with no text frame selected.
To set it as the default for all future documents, set it with no document open.
Thanks again! That worked!