The abstract noun "steadfast love" can be expressed with the phrase "love faithfully." AT: "Yahweh never stops loving his people faithfully" (See: [[rc://en/ta/man/translate/figs-abstractnouns]])
The abstract noun "compassions" can be translated with the verb "care." AT: "he never stops caring for those who suffer" (See: [[rc://en/ta/man/translate/figs-abstractnouns]])
The word "they" refers to God's steadfast love and compassions. Their being new represents God continuing to act according to them. AT: "every morning he treats us again with steadfast love and compassion" (See: [[rc://en/ta/man/translate/figs-metaphor]])
When God gave each tribe of Israel their land, he called it an inheritance. The author speaks of Yahweh being all he needs as if Yahweh were the inheritance that he had received. AT: "Because Yahweh is with me, I have everything I need" (See: [[rc://en/ta/man/translate/figs-metaphor]])