How to set default color in lightning input rich text color picker

Question

I have a lightning input rich text field with the following formats enabled:

'color', 'bold', 'italic', 'underline'

I am trying to set the default color to red by setting the format in renderedCallback(below), however, the color in the toolbar is still set to black.

const noteEditor = this.template.querySelector('.note-editor');
if(noteEditor != undefined){

    const noteDefaults = {
        color: 'red'
    }
    noteEditor.setFormat(noteDefaults);
}

Does anyone have any idea how to set the default color in the toolbar?