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 draw cable pulley and adjustable among multiple deflector arrangements. Movement of the cable deflector alters deflection of the power cable during the bow's draw to alter effective length of the power cable and relative synchronization of the pulley assembly with a second pulley assembly. The adjustment can be performed without using a bow press and without derigging the bow.