diff --git a/synapse/storage/events.py b/synapse/storage/events.py
index 7a9cd3ec90..33fccfa7a8 100644
--- a/synapse/storage/events.py
+++ b/synapse/storage/events.py
@@ -110,7 +110,7 @@ class _EventPeristenceQueue(object):
                 end_item.events_and_contexts.extend(events_and_contexts)
                 return end_item.deferred.observe()
 
-        deferred = ObservableDeferred(defer.Deferred())
+        deferred = ObservableDeferred(defer.Deferred(), consumeErrors=True)
 
         queue.append(self._EventPersistQueueItem(
             events_and_contexts=events_and_contexts,
@@ -152,8 +152,8 @@ class _EventPeristenceQueue(object):
                     try:
                         ret = yield per_item_callback(item)
                         item.deferred.callback(ret)
-                    except Exception as e:
-                        item.deferred.errback(e)
+                    except Exception:
+                        item.deferred.errback()
             finally:
                 queue = self._event_persist_queues.pop(room_id, None)
                 if queue: