As of 21:51:47 UTC on 2022-01-23, according to Microsoft nothing is going on, it's all good for now.
The last update was six days ago:
2022-01-16 23:01:46: "We're investigating an issue in which users may be unable to access their Exchange Online mailboxes and calendars. Further details can be found in the admin center under EX315207."
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Every 10 minutes, this site retrieves the most recent posts from @msft365status's Twitter feed and scans for any outage alerts. All replies made by @msft365status to itself are also retrieved, while replies from other users are ignored. These replies are then displayed as a timeline of updates to an eventual resolution.