Today the Federal Reserve released full transcripts of the eight meetings of the U.S. central bank's rate-setting Federal Open Market Committee in 2011.

That year was another tumultuous one for the Fed. In the first four months of the year, hopes were building in markets that the Fed would be able to raise rates twice as the economy showed signs of strengthening.

Those hopes were dashed over the summer amid escalations in the euro crisis and an emerging standoff in Washington, D.C. over the debt ceiling. The Fed's "QE2" bond-buying program concluded in June, and the central bank followed it up with "Operation Twist" in September.

Follow along below as we annotate the transcripts, CLICK HERE for Part 1 and CLICK HERE for Part 2.