Interesting, now it seems to be working as expected, but I haven't changed anything…
I have seen this behavior as well, restarting the client has cleared the issue for me.
This is as expected. There have been some connection issues on our side as well today. The best thing is to be patient and try again later.
If it is consistent over a long period of time, it would then (more likely) be a Steam client issue.
Nothing extracted yet.
After today's update, Steam is unable to connect. It says there is no network connection and falls into offline mode. Main window also says NO CONNECTION in the bottom status bar, but browsing community/store works fine. Friends window stays in offline mode and manually changing status does nothing.
System info: https://gist.github.com/f91695cbc471769b849d