The track will feature on "Red (Taylor's Version)", which drops on Friday (12Nov21). The project is a remake of the pop superstar's 2012 album, featuring some songs from the sessions that didn't originally appear on the release, including "Nothing New".
"I just am so excited to have people take it at face value the day that it comes out, because I got teary recording it," Phoebe tells Billboard. "I just couldn't be more excited."
"I think that she (Swift) is an incredible businessperson and an incredible writer. What she's been able to build just from writing adeptly from a young age is insane."
Swift is re-recording her first six albums in an effort to gain back the rights to master recordings of her catalogue.
"Fearless (Taylor's Version)", a remake of her 2008 album, was released in April (21).
"It's really inspiring for me and a lot of musicians," Bridgers said of Swift's re-recording project. "I think a lot of people make a couple of records (and are) like, 'Oh wow, I hit the top, I'm great now,' and the fact that she just has always wanted more from the world - like, 'No, no, no, f**k you, I'm going to make it again, I'm going to make it better, and it's going to belong to me' - is the coolest."