Microsoft just cut the price on all Xbox One consoles by $50, which drops the cost of a 500 GB unit to $299.
The Xbox website characterizes the offer as lasting "for a limited time." We've reached out to Microsoft for more details, and will update this article with any information we receive.
The deal applies to all Xbox One bundles, from the Gears of War: Ultimate Edition 500 GB bundle (now $299) all the way up to the Xbox One Elite Bundle (now $449).
The timing of the offer is curious to say the least, considering the rumors that Microsoft will announce new Xbox One consoles at (or just before) E3 2016 next month. Polygon reported last week that Microsoft is planning two updates to the Xbox One: a smaller edition of the current hardware with a redesigned controller, and a new system that will be four times as powerful as the existing console. The former is scheduled to be released this August, while the latter, codenamed "Scorpio," is coming in 2017.
With all that said, it may be a good idea to hold off on buying a new console until after the dust settles on E3. For more on the show, check out our analysis of what Microsoft is likely to bring to the show, and be sure to keep it locked on Polygon for E3 coverage.
Update: According to Microsoft's Larry Hryb, the $50 discount is valid until June 13 — the day of Microsoft's E3 2016 press briefing. At the Microsoft Store, customers can get a free controller and game in addition to the deals on offer.