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Wheel squeak

Posted: Sun Nov 19, 2023 11:02 am
by Bikergonebald
Hi All,
I'm getting a squeak from my front wheel which i'm certain is the rusty brake back plate rubbing on the disc. While checking i found that what looks like a seal on the back of the wheel bearing spins freely. See photo. It doesn't turn on the other wheel.
Will it cause a problem?