Here's a question...
How long have you had the machine?
If it's new to you, then you aren't likely to know from experience what it's capable of, so if it's doing less than you expect, you could have a mechanical problem with the pump itself, or the regulator, or the jet size, or a combination of factors.
If you've had it for a while, then it could very well be as simple as a worn out O-ring in the regulator, etc.
To get the pulley ratio, you need to know the size of both pulleys... not just the one. A Cat pulley, for instance, typically is larger than a clutch, but not always. Assuming that you have a clutch, you are "okay", ratio- wise, because the pulley size you state is actually a bit large, but compensated for by a slower turning motor, so it should balance out.
In truth, a Cat 290 with clutch, driven by a 2.5" pulley, is still turning faster than Cat recommends... and, with that kind of ratio, at 3.200 RPM on the motor, the pump will deliver 1,400 PSI @ 3.5 GPM, which is just enough to warp the head, if the head is the standard bronze one...
So, my guess is that you either:
1.) have a regulator "situation"
or
2.) have a cup problem (i.e., a ripped , torn, burned cup or cups, which compromise the ability to deliver flow rate, which in turn compromises the ability to generate pressure...
Does it have the pressure you want, until you pull the trigger?
What kind of regulator? As Richard said, it could also be the regulator spring. And some regulators can be "helped", by adding a washer or two between the spring and the adjustment knob...