The chart above shows that the prices of gold and 5-yr TIPS continue to track each other (using the inverse of the real yield on TIPS as a proxy for their price). This is significant, because it says that the market is willing to pay less for the protection of TIPS and gold, and that in turn is equivalent to saying that the market is regaining confidence in the future. Gold is still quite expensive (my calculations say that the long-term average price of gold in today's dollars is somewhere in the neighborhood of $500-600 per ounce), and real yields are still very low, so it's still the case that the market is on the defensive, and risk aversion is still evident.
Swap spreads are almost exactly at a level which is "normal." That means that liquidity conditions are very healthy, and it further suggests that the outlook for growth is also healthy. No one is being starved of liquidity as a result of the Fed's "tightening" of monetary policy. In the past, prior to IOER, the Fed tightened by reducing the availability of bank reserves, which tends to shrink the amount of money in the financial system. But that is not the case today. All the Fed has done is to change the appeal of holding cash equivalents—by making them somewhat more attractive on the margin. That is a prudent move, because the recent rise in the equity market tells us that the market is becoming more optimistic on the margin about the future, and more optimism would imply less demand for cash equivalents. The Fed needs to respond to rising optimism by making bank reserves more attractive; otherwise banks might be tempted to lend too much, and that could give us higher-than-expected inflation.