By Chris Dorrell The world’s major central banks are now all clearly in the early stages of a monetary easing cycle that could end up lasting for well over a year. Over the past couple of months, the US Federal Reserve, the Bank of England, and the European Central Bank (ECB) have all cut interest rates for the first time in years. For many central bankers, concerns about sluggish growth and the health of the labour market are now as prominent – if not more so – than fears about inflation, paving the way for an extended period of rate cuts. “Investors need to prepare their portfolios for a wor…