diff --git a/changelog.d/19142.misc b/changelog.d/19142.misc
new file mode 100644
index 00000000000..5904f04ae8c
--- /dev/null
+++ b/changelog.d/19142.misc
@@ -0,0 +1 @@
+Respect logcontext in `DeferredEvent`.
diff --git a/synapse/util/async_helpers.py b/synapse/util/async_helpers.py
index 99e899d1ef9..35c4b815349 100644
--- a/synapse/util/async_helpers.py
+++ b/synapse/util/async_helpers.py
@@ -1029,7 +1029,8 @@ def __init__(self, clock: Clock) -> None:
 
     def set(self) -> None:
         if not self._deferred.called:
-            self._deferred.callback(None)
+            with PreserveLoggingContext():
+                self._deferred.callback(None)
 
     def clear(self) -> None:
         if self._deferred.called: