Currently, the calendar will display the same event in different moments of time depending of the current day.
For example, suppose today is February 5 and my user's timezone is America/Los_Angeles and I have a recurring event event scheduled at 10 AM from January until July. If I navigate to January in the calendar, I'll see the event scheduled to 10 AM. If I navigate to July, I'll again see the event scheduled to 10 AM.
Now, suppose today is March 30 and I look at the very same event below. If I navigate to January in the calendar, it will be displayed at 11 AM. Also, if I navigate to July, it will be displayed at 11 AM.
It should, however, be displayed in a consistent way: the January instances should be displayed at 10 AM and the July instances should be displayed at 11 AM regardless of which day is today.