A deferred event, or deferral, is simply an event SendGrid has received back from the receiving server:
What does it tell us?
SendGrid will continue to try to deliver an email that is being deferred at a particular inbox provider for up to 72 hours. If a message to a recipient is deferred for more than 72 hours, that deferral will turn into a block. Otherwise, it will result in a delivery event once the message has been accepted by the receiving server.