Why is my circle small

can sum body tell why my circles are .060 tho under size. and yes it has been calibrated. I used a 1/4 2 flute bit. even my square that far off to. please heip

Deflection and/or maybe your bit is not actually 0.250"

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deflection what do you mean. and yes my bit measured 0.249

Deflection

I was running my bit at 72 ipm plunge rate at 24 depth per pass at 0.032 and rpm at 21000 you think that is to fast. by the way i was using 1/2 pine plywood