In verse 2a toward thy holy temple may indicate, as Dahood thinks, that the psalmist is not in Jerusalem but in some foreign country, and is bowing in the direction of Jerusalem. But verse 1a seems to indicate that he is in Jerusalem (see also comments on 5.7).
In verse 2b thy name is synonymous with thee in verse 1a. Good News Translation‘s “praise your name” may also be rendered “praise you.”
In verse 2c the two keywords steadfast love and faithfulness are again used (see comments on “steadfast love” in 5.7 and 136.2, and on “truth” in 15.2; for the two terms used together, see also 57.3; 61.7).
The rest of verse 2 in the Hebrew text is “for you have exalted your word above all your name” (see Revised Standard Version footnote). This, as Anderson says, sounds odd. Commentators try to make sense out of this. Cohen explains: “God’s name, His revealed nature … gave us confidence that He would honor his plighted word to us; but what he has actually done for us exceeds what we anticipated.” So New Jerusalem Bible “your promises surpass even your fame.” Bible en français courant also follows this line of reasoning in its translation: “… for you have done more than to keep your promise, more than we expected from you.” Hebrew Old Testament Text Project has two possible renderings of the Hebrew text, of which the clearer is “you have exalted your word more than your former reputation.”2 Hebrew Old Testament Text Project says: “This part of the V. may be understood in two ways: either ‘you have exalted, more than all your name, your word / promise’ (i.e. you have exalted your word more than your former reputation), or: ‘(more than your steadfast love, and more than your truth,) indeed, you have exalted–more than all your name!–your word / promise’, understanding thereby the former part (quoted in brackets) with the latter part as one phrase.” New Jerusalem Bible translates “You have exalted Your name, Your word above all,” in which “Your word” is in apposition to “Your name,” which is also odd. Dahood also makes “your promise” to be in apposition to “your name.” Traduction œcuménique de la Bible translates “you have made promises that are greater than even your name.” New American Bible adds the conjunction “and” before “your word”; so Good News Translation “you have shown that your name and your commands are supreme.” It is possible to take “your word” to mean “your promise,” as it often does. If translators follow Good News Translation‘s rendering of the final line in verse 2, it may be necessary to recast this to say “… that you and what you have commanded people to do are above all other things” or “… and what you have said you would do are….”
Quoted with permission from Bratcher, Robert G. and Reyburn, William D. A Handbook on the Book of Psalms. (UBS Helps for Translators). New York: UBS, 1991. For this and other handbooks for translators see here .