Lyric discussion by karinlee 

Cover art for The Infanta lyrics by Decemberists, The

I believe the liner notes actually say "to the air", but I don't have the CD on me right now. I'll have to check.

Also, this song doesn't necessarily have to be about an actual historical infanta; the child princess could be a character in a fairy tale for all it really matters. I think it's mostly the contrast between the baby girl, who's basically oblivious to all the fanfare and the massive extravagance that surrounds her.