Even. Perhaps better to supply Ellipsis (App-6): "[unto] the People", or "[to be] a People". See the Structure, and Compare Psa_47:4.
shields. Put by Figure of speech Metonymy (of Effect), for princes (in preceding line), or, for defenses in general Compare Psa_89:18 (margin) and Hos_4:18 (margin)
exalted. Compare Psa_47:5. This is the object of the Psalm connected with 46 by the Selah in Psa_46:11.