Was it colder or damper this morning than its been lately ?
This could cause belt slip which along with squealing can cause the temporary steering issues you describe .
Once everything warms up all is good .
Although the addition of smoke points to the belt running over a seized belt pulley or one of the accessories that belt supports (water-pump/fan , steering pump , and alternator)
If you were to take it to a specialist I wouldn't be surprised if they diagnosed the belt , belt tensioner , or alternator was on its way out ....
If your belt is old , you just got lucky
You got a warning sign that hopefully will give you enough time to source all the parts needed mail order .
Buying for a future project is always cheaper than buying in an emergency )
It costs around the same to buy an alternator , belt , and one idler pulley in an "emergency" as it does to buy alternator , pas pump , belt , 2 idlers , and the tensioner in "advance" ....
Labour difference is minimal to fit more moving parts on the front of the engine .
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