Currently in preview for select customers is one of the latest features for Microsoft Teams.
Live Captions enables Teams to detect what is being said in a meeting and present real-time captions for anyone who wants them.
Enabling live captions allows you to make your meeting more inclusive to deaf participants, those who are hearing impaired, people with differing levels of language proficiency or simply those in noisy work spaces.

Enable/Disable Live Captions.
If you wish to use live captions during a meeting, simply select the More options button and use Turn on live captions.

The same process is then followed to turn off the live captions function.
This feature is still in preview so is not in general availability. I hope you enjoyed the brief view of what is coming and once available I will be posting more.
Thanks for taking the time to visit.