Can you list a model number please, on both pump and regulator? Just to put another set of eyes on it to double-check. Regulatro is inline after the pump correct? Yeah, I know, dumb question, but it's time to look over every possibility...
- Pump could have been assembled wrong
- Seems like time to check with another pressure gauge; there are inexpensive ones at any parts store to use for making sure yours is right.