A possible Fed pick wants to keep interest rates high, which could drag down stocks, gold, and Bitcoin — bad news for investors hoping for a rally.

• The argument: cutting rates while the economy is still strong just overheats it, like pouring gas on a fire.
• Kevin Warsh, seen as a contender to lead the Fed, leans toward keeping rates where they are.
• If rates stay high, expect stocks to fall — and gold and Bitcoin likely to drop with them.
• That breaks the usual idea that gold and Bitcoin move opposite to stocks.

Outlook: If the Fed stays tough on rates, all three could head lower together in the near term.