Just prior to E3, Microsoft has reduced the price of the Xbox One to $299.

This new price matches the lowest the console has been since launch, but both times prior were temporary cuts during the Microsoft Spring Sale and during the holiday season.

The $50 price cut is applied to not only the basic console SKU, but is also applicable toward any Xbox One bundle, including the 1 TB Xbox One Elite Bundle dropping to $449 from $499. This extends to the Quantum Break bundle and Rainbow Six Siege bundle.

The announcement of a price drop just two weeks before E3 may support rumors that have swirled recently that Microsoft may announce a slim version of the console at this year’s E3 before announcing a more powerful console code named ‘Scorpio’ that will reportedly arrive in 2017.

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