Monday morning, 10 AM, and still no official word on what Michelle Obama will wear to Tuesday night’s Inaugural Balls … and not knowing is making the Fashion Set nuts. Never mind anything you read about fashion people that makes them come across like the coolest, breeziest people on the planet, “Fashion” is made up of a bunch of control freaks — how else could they get a zipper to work? — and they don’t like surprises, unless they get to design the surprises themselves.

Right now, if they had to put money on it, the insiders betting on what Michelle Obama will wear to tomorrow’s Inaugural balls predict a full-length, black sleeveless sheath designed by her go-to Chicago favorite, Maria Pinto. It will be worn very chicly under a full-length white opera coat with three-quarter-length sleeves over the dress. Get the symbolism? The harmony of black and white, the certainty of it.

But don’t bet the farm … yet (and certainly not in today’s economy). Narciso Rodriguez? Ralph Lauren? Jason Wu? Thakoon? Isabel Toledo? Michael Kors — he is now gaining momentum in the speculation game. And this just in: Wasn’t Diane von Fürstenberg just spotted headed in the direction of Blair House?

The cold weather over the weekend so far has turned the Inauguration — from a purely fashion perspective — into a coat story, not a dress story, and fashion doesn’t like coats. It prefers limousines because, in those easy skips from car to party, you don’t need a coat. (Mrs. Obama’s black coat with three-quarter-length bell sleeves, worn on the train ride, nonetheless won raves — although no one could guess who made the coat, label to be revealed anon! High marks for its three-quarter-length sleeves that lighten the overall heavy look of any coat.)

According to people in the know, Mrs. O’s reticence to follow the unofficial tradition of an advance announcement on her wardrobe stems from her desire to play down her role as the nation’s No. 1 fashion plate. She has been charged with reviving Seventh Avenue fortunes with her support and by actively wearing the merchandise, especially, of the younger designers! She loves clothes, yes, and understands their importance to make a statement and convey a mood and message; but also being a more serious person, she wants to focus on weightier issues than frocks. And you can be sure she’s not looking to steal any spotlight from the historical Inauguration

But that isn’t so easy. With today’s media coverage brought to millions of armchair fashion critics around the globe, her life is now red carpet 24/7, even at breakfast, and, as Pulitzer Prize-winning fashion reporter Robin Givhan just wrote in her Washington Post blog, standards are high for this and any First Lady. We want her to dress like a lady, but not be a bore; don’t be too trendy, but don’t look like Betty Crocker. Mistakes will be made. Right now it is hard to imagine, but how forgiving will we be 100 days from now if Michelle Obama puts a wrong shoe — I mean, foot — forward? "Hopefully, her citizen critics will not stand in her way," blogs Givhan.