Fuel pressure should not go up that high.
Mid year 98 was the beginning on return systems.
Return systems have a vacuum operated pressure regulator under the throttle body. Easy to spot because the top looks like the EGR valve (UFO).
You no doubt have the returnless system. There is a pressure sender on the fuel rail. A box near the gas tank controls the fuel pump to regulate pressure. Any of the three could be bad. I would suspect the sender first. Never saw a fuel pump do this. You could monitor the voltage to the fuel pump vs pressure.
If by chance you have a return system, make sure the return line to the tank is not pinched.
