SYDNEY—Share markets firmed on Thursday after the U.S. Federal Reserve engineered an orderly start to unwinding its massive stimulus programme, though doubts about the inflation outlook did push up longer-dated bond yields. “Remember that tapering is not tightening,” said Kerry Craig, global market strategist at J.P. Morgan Asset Management, noting the Fed’s balance sheet would still expand by around $400 billion over the next eight months. “This is still a very accommodative policy environment and one that will support the growth outlook in the quarters ahead and the performance of risk assets like equities and credit.” Anxious eyes now turn to the Bank of England, which may kick off a rate hike cycle later in the day with uncertain implications for debt markets globally. For now, equity investors were content that the Fed was in no rush to remove the policy punch bowl and Nasdaq futures rose 0.2 percent to …