Move Anchor
Click the Features | Edit Features | Move Anchor command to adjust the anchor point for an object in a base layer. By default, the anchor point for any object is located at the center of the Bounding Box drawn around that object. Moving the anchor point will move where labels for that object will populate, or, where leader lines for labels for that object will begin.
The command is only available for objects drawn in base layers or drawn directly into the plot document.
Entering Move Anchor Mode
Click the Features | Edit Features | Move Anchor command to enter the move anchor mode. After selecting Move Anchor, the cursor will change to 
to indicate move anchor mode. When an object that can have its anchor point moved (a polyline, spline polyline, or polygon) is selected, a blue square will appear in the center of the object's bounding box, representing the anchor point. The anchor point can be moved by left-clicking, holding, and dragging the cursor to the desired area. Once the anchor is in the desired position, left-click can be released.
Move anchor mode is persistent and anchor points for multiple items can be adjusted until move anchor mode is exited. After the anchor point for an object is moved, either select another object to move the anchor points for, or, exit the move anchor mode.
Exiting Move Anchor Mode
To exit move anchor mode, press the ESC key on the keyboard. Alternatively, click Features | Edit Features | Move Anchor again.