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Recently my 2010 Mondeo (2.3 litre engine) began making a brief squealing noise when starting from cold. The noise lasted only a second or so, rising to a high point then fading. I took it to the local Ford dealer, who suggested the noise could be caused by either (a) the drive belt, or (b) a filter in the power steering reservoir. I had both items replaced, and the noise seemed to have gone. However, a few days later, after the car had been parked outside in the cold for several hours, the noise recurred, and has kept intermittently recurring. Ford now suggest the problem could be the power steering pump, replacing which would cost about $400 plus labour! Can you offer any advice as to what might be causing the noise, and how serious it might be?

You may have to follow Fords advice if the power steering pump is creating excessive drag it may lead the belt to slip providing they have diagnosed this issue carefully.
I have herd of worn automatic belt tensioners causing issues to. it may pay to ask about this possibility too.