Keep Label Outline Same Size even if text contents change/length of text changes

How can I create a label whose border stays the same size ?

This is for a label containing dynamic text that I change at runtime. When the text inside the label changes length, or even if the text length stays the same but the text just changes (when using a default non-fixed width font), the outline box always changes size to match the text, how can i keep the size static and truncate teh text contents ?

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