Following comments published by US news agency Bloomberg, Xbox product manager David Hufford has gone on the record to say that Microsoft has no intention of cutting the price of its next-gen Xbox 360.

In an interview published by Bloomberg last week, Hufford stated that: “The sweet spot of the market is really $199.” The comments lead to speculation that a Xbox 360 price cut is on the way.

However, Hufford has set the world straight via Microsoft’s Gamerscore blog, stating: “Some are getting really spun up about the Bloomberg story and inaccurately reading tea leaves that don’t exist.

“I spoke to Bloomberg nearly two months ago and we were talking about NPD data that had just been released, and chatting generally about price points of consoles in the market. The comment, which is accurately reported, unfortunately has now been taken way out of context and being reported as if I am signalling a price drop. I was not, I am not.

“With Xbox 360s selling well at their current price point, Elites selling out at $479, and an insanely great portfolio of games in the market, there’s no reason to announce any kind of price drop anytime soon.”

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