But others are concerned that excess production capacity and depressed global demand could lead to increased deflationary pressures.

但是其他人则担心，产能过剩和全球需求的低迷可能会导致通货紧缩压力增加。

youdao

Where, he asks, would the excess demand for global assets go?

他问道，对全球资产的过度需求又能去向何方？

youdao

'the prices for 2008 reflect the continuing excess demand in the global iron ore market,' Vale said in a statement confirming the price agreements.

淡水河谷在一份声明中证实了价格的上涨，并表示2008年的价格反映出全球铁矿石市场上供不应求的局面仍在继续。

youdao

One more reason not to lose sleep over the surge in oil prices is that, unlike the rises in the 1970s, it has not occurred against the backdrop of general commodity-price inflation and global excess demand.

ECONOMIST: Oil��s pleasant surprise

Where, he asks, would the excess demand for global assets go?

ECONOMIST: Global imbalances

Meanwhile, Rousseff and Finance Minister Guido Mantega are sticking to their guns when it comes to their inflation shoot-out, arguing that excess global liquidity is a key, if not main culprit, rather than excess local demand.

FORBES: Brazil's Interest Rates Going Higher, But Are They High Enough?