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Worse case, continuing to use Steam after Nov. 1st is considered accepting the new agreement so just keep using Steam (assuming you don't want to quit Steam over the change)
https://store.steampowered.com/subscriber_agreement/#10
If you just want the indicator to go away, could try restarting the client, or check your Notifications through a web browser rather than the client. Or hope whatever hiccup's causing it resolves soon.