Monetary Base and MZM

I thought someone in this forum might be able to provide some insight into the differences between these two measures and why they provide divergent indications on money supply. I’ve read a few pieces suggesting the monetary base ( I believe an index calculated by the st louis fed) has had almost zero growth recently. An article on minyanville pointed at this as support that we are in a deflationary time. However, Chapman’s recent wall st. journal article points to strong growth in MZM as an indication of inflationary pressures. I usually look at the adjusted tip spreads developed by the cleveland fed as the best indicator of inflationary expectations as set by market participants. I’ve been given the technical differences between the two (MZM and monetary base), but would really appreciate the insight of a more experienced practitioner. Thanks, Mike