This is a superscription that tells about the psalm. Some scholars say that this is part of the scripture and some say that it is not. (See "What are Superscriptions in Psalms" in [Introduction to Psalms](../front/intro.md).)
The word "name" is a metonym for Yahweh himself. See how "may his glorious name be blessed" is translated in [Psalms 72:19](../072/019.md). Alternate translation: "bless you" or "do what makes you happy" (See: [[rc://en/ta/man/jit/figs-metonymy]])