Is it the handle or reel seat that squeaks or is it the reel?
If its the handle or reel seat that means that either one or both are loose.
If its the reel it needs some lubrication. I don’t know for sure but I believe that noise and light will travel down the line. That’s what I was taught and told many a times and so far no one has said anything different. I guess we will see if we are right or wrong by the follow up responses.