This psalm is a song of praise for the hesed (“steadfast love” NRSV) of God. The Hebrew word hesed (pronounced KHE-sed) is not an easy word to translate. Some might translate it as loving-kindness, others as faithfulness, a few as kindness, and even several as mercy.
Personally, I would like to translate it as “covenantal love” but hesed is about an act of benevolence, an act that is not done out of obligation, but refers to an act of unmerited generosity, and we already have a word for that. The word is “grace.”
Since this psalm is a thanksgiving, and since it was meant to be sung in appreciation for deliverance from trouble, then grace is maybe the best way to define hesed.
As children of God, grace is indeed something to sing about, for we are redeemed, we are worthy, we are loved!
God of promise, God of love, God of grace, you give us life in the face of death. Remind us to take time every day to sing your praise with awe-filled gratitude. Amen. — SWH