I will admit I used to make fun of Microsoft’s ability to do real-time captioning, as the results tended to be… “entertaining”. But a lot has changed since then, and now Live Captioning in Microsoft Teams meetings works pretty well, considering how hard it is to adapt to voices and accents. Here’s how it works…
When in a Teams meeting, click on the Ellipsis icon and select Turn on live captions:
At the bottom of the screen, you’ll now see captions, and they are properly attributed to the person who is actually speaking:
I even tried a short Spanish phrase, and it properly captioned it. However, it didn’t do very well for a short phrase in French. It may be a case of “your mileage may vary” based on accents and accurate pronunciation. 🙂
Also, the captions in a Teams meeting are not stored, nor is there an option to do so. This is strictly for increased accessibility to people who may be deaf or hard-of-hearing or are in a loud location where it’s hard to hear the meeting audio.
One Minute Office Magic 
Your comment that says the Captions are not stored isnt exactly accurate, if you are recording the meeting, the captions can be stored within Stream or Onedrive (depending on how you have it configured now!) https://support.microsoft.com/en-us/office/microsoft-stream-automatically-creates-closed-captions-for-videos-8d6ac353-9ff2-4e2b-bca1-329499455308#:~:text=%20Tell%20Microsoft%20Stream%20to%20create%20closed%20captions,the%20page%20to%20save%20these%20settings.%20More%20
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