German 10-year bond yields are likely to trade within a narrow range ahead of the ECB's December meeting, Morgan Stanley interest rate strategists said. Analysts said we see a worst-case scenario where 10-year Bund yields trade in a range of 1.80-2.00% until the ECB meeting in December, limiting potential excess risk to 1.75%. However, the 10-year Bund yield could return to its fair value, perhaps even slightly lower, in January, when euro zone government bond supply is abundant.