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Power Play: How to play global central bank easing

European Central Bank President Mario Draghi
Francois Lenoir | Reuters

Stocks are rallying on Friday after China's central bank cut interest rates. This move comes one day after the European Central Bank hinted it may expand its stimulus program.

Krishna Memani, OppenheimerFunds CIO and Head of Fixed Income, tells CNBC's "Power Lunch" this is the central banks' world and we just live in their shadows.

"That point was driven home hard yesterday when [ECB President] Mario Draghi told the world that more monetary stimulus was coming in Europe before the end of the year," Memani said.

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He stresses now is not the time to bet against the central banks.

"As long as central banks all over the globe remain fully engaged with an easing bias, the downside of financial assets is somewhat contained. Only the Fed may buck that trend at some point; however, even that seems like a 2016 piece of business," Memani said.

With global growth modest and challenged in some areas, Memani expects central bank policy to remain easy for an extended period of time.

"Global equities and credit remain the asset class of choice in that environment," Memani said.