Sounds like a chord being pulled? Doesn't bug me much really.
Joel, I'm not sure if you mean a musical chord or a pull cord such as a set of window blinds might have. Either way, the steering wheel of my '04 does make a sound as I turn it. To my ear it is more like a brushing sound, similar to the noise you hear when gently rubbing your hands together. I noticed it right away, but have never felt any binding or pressure in the wheel, or anything "odd, " so I've just accepted that it is normal. I'd appreciate it of those of you reporting a noise free mechanism would give a close listen and share with us whether or not you hear anything like what I am describing.