Alternator screech ??? but I still get 14 volts

Is it possible for the bearing to be going bad in an alternator and still get 14 volts of output ? I definitely get 14 volts when I test it with the multimeter. I swear the alternator is making the screech but I know it's possible that it's the bearings in the water pump as well. I haven't observed any cooling issues. The belt on both are tight. Any thoughts ?
 
output and the bearings dont really have anything to do with each other, until the bearing siezes up, then your output is zero! try this; start your car, and take a long handled screwdriver, hold the blade against the rear bearing of your alternator, and put your ear against the handle.now, carefully hold the blade against the waterpump housing, as close to the bearing as you dare.it doesnt take long to get the hang of probing around the engine compartment to figure what parts generate which noises. just use a little caution around the fan, belts, pulleys, etc...
 
I had a prob with alternator screech getting progressively worse. Tried replacing the belts a couple of times, was about to replace the chrome pulley when someone recommended a new battery. I was already using a optima redtop but I figured it was worth a shot. Sure enough, I replaced my expensive optima with a "cheapie" and problem gone. No more pulley screech. Good luck.