A pulley assembly for a compound bow comprises a draw cable pulley, a power cable pulley attached to the draw cable pulley, and a cable deflector attached to the power cable pulley or the draw cable pulley and adjustable among multiple deflector arrangements. The cable deflector engages the power cable during a let-off portion of drawing of the bow after the power cable is taken up by the power cable pulley. Different deflector arrangements result in corresponding draw force curves for the bow that differ from one another with respect to one or both of (i) draw force let-off rate with respect to draw distance or (ii) hold weight at full draw. The adjustment can be performed without using a bow press and without derigging the bow.