Microsoft took remedial actions, and have been carefully balancing traffic as outlined on their status page: https://status.cloud.microsoft/
Proofpoint has observed partial recovery, with emails being delivered through Exchange Online again and the total number of emails "Pending Delivery" on the Gateway reducing.
We will continue to monitor as Microsoft's recovery progresses.
We are aware of an issue with Microsoft experiencing service degradation. This will result in the Gateway experiencing latency issues and deferrals when attempting to send or receive emails from Exchange Online.
Microsoft has acknowledged a service degradation at https://status.cloud.microsoft/
Proofpoint cross-functional teams remain on standby. Proofpoint is closely monitoring services.
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