Query Multiple Meta Values and display only when it has both meta values

I believe what you are looking for is the relation parameter in meta_query. I’m assuming you are using the WP_Query class to make the call given your syntax in the example. You might want to ensure that no other plugins are forcing the relation parameter to be “OR” instead of the default “AND” by hooking into pre_get_posts.

$meta_query_AND = array(
    'meta_query' => array(
        'relation' => 'AND',
        array(
               'key' => 'featured',
               'value' => 'yes',
               'compare' => 'NOT NULL',
            ),
         array(
               'key' => 'type',
               'value' => 'event',
               'compare' => 'NOT NULL',
            )
     )
    );
$test_query = new WP_Query( $meta_query_AND );

The first step would be to evaluate the meta_query => relation value in your wp_query result.