Using classic Outlook for Windows in business environments
I had App Password when the problem occurred. I was able to get to my account via Web login. So, the password is the right one. I suspected a problem with App Password and I disabled Double Factor Identification. With that move, I was able to access the account through Outlook 2016, but got asked for a password frequently. This happened intermittently, not at the frequency set for Send/Receive.
I then deleted the account in Outlook 2016, then reconnected. Imap was still intermittent. I received mail and the mail folders got synchronized. BUT, no synchronization for both calendar and address lists.
At this point, I am waiting for Microsoft to resolve their server problem.