A hydraulic system may include a variety of hydraulically actuated components, each of which may have different flow and pressure requirements that can vary over time. The hydraulic system may include a pump for supplying a flow of pressurized fluid to the hydraulic components. The pump may have a variable or fixed displacement configuration. Fixed displacement pumps are generally smaller, lighter, and less expensive than variable displacement pumps. Generally speaking, fixed displacement pumps deliver a finite volume of fluid for each cycle of pump operation. The output volume of a fixed displacement pump can be controlled by adjusting the speed of the pump. The pump may be sized to satisfy a maximum flow requirement of the hydraulic system. Closing or otherwise restricting the outlet of a fixed displacement pump will generally cause a corresponding increase in the system pressure. To avoid over pressurizing the hydraulic system, fixed displacement pumps typically utilize a pressure regulator or an unloading valve to control the pressure level within the system during periods in which the pump output exceeds the flow requirements of the hydraulic components. The pressure regulator or unloading valve operates to redirect the excess fluid back to a hydraulic system sump to be re-pressurized by the pump. This method of controlling system pressure and flow may result in a significant reduction in the operating efficiency of the hydraulic system depending on the duration and magnitude of excess pump flow. The hydraulic system may further include various valves for controlling the distribution of the pressurized fluid to various hydraulic components.