Microsoft resolved this issue last night.
Update from Microsoft "While we believe we have taken the appropriate actions to mitigate impact, due to the reoccurring nature of this issue and out of an abundance of caution, our investigation will remain active.
Current status: In addition to rerouting traffic to alternate infrastructure yesterday, we've made a configuration change to performance and traffic-management parameters to mitigate impact. The service continues to look stable but we will continue to monitor through US business hours."
Microsoft is reporting "An increase in traffic in the North American region has caused an issue in which users may be intermittently unable to join Teams meetings or add participants to meetings."
Next update around 3:00 p.m. CDT.
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