Bleeding Federal Power Steering pump

Mopar Mike is correct. If you pull the pump and remove the reservoir again you'll see a small snap ring close to the size of a dime. The valve is supposed to move up and down if you push on it. Its possible a bit of dirt got in it, as its a close clearance. It has one or two O-rings on it also. The O-rings can cause it to stick also if a piece of rubber gets shaved off and sticks it. If you have the complete rebuild kit you should have these O-rings. Pull the snap ring and remove the valve, careful, there's a spring under there! Make sure the bore is clean. You can take some fine emery cloth to the valve also. Hope that does it.