Twice in the last three weeks, I used the powermatic lathe and noticed an odd rumbling/rubbing sound, like a bearing was bad. It was not very loud - but something was not right. Long story short - the pulley on the spindle had moved about 1/2" to the right the first time and 1/8" to the right the second time. The drive pulley and the spindle pulley were not vertically aligned. The belt was on but “tilted”. I checked the set screws that are supposed to keep the pulley from moving horizontally and they were very tight. Hmmmmmmmm… The key between the spindle and the spindle pulley was there - it had not fallen out.
It’s an easy fix - loosen the set screws, move the spindle pulley left so it is aligned with the drive pulley. Then retighten the set screws. Noise goes away.
Any thoughts/insights on why this might be happening? How to prevent it in the future? It did notice that the lathe was in “reverse” mode on both occasions - this may or may not be related to the pulley moving horizontally.