Yes, the way the lyrics unravel is probably the most Dylanesque song.
It is peculiar really, because I was watching a film the other day and I realized that especially in the USA they have been using these abreviations for so long and for so many things, that the actual language which is by nature a schematic/encoded way to convey meanings, gets more encoded and finally not only we don't remember the original words, but this "veil" falls over the meaning as well. In effect, we have something that is named but not with its actual name, so in a way obvious but hidden at the same time and the psycological effect is greater for the hidden/unknown. CIA, FBI, NSA etc. Of course these names are common, we all know what they mean, and that is why the effect is greater!
btw, imho, fbi, is fo.