Wisdom is spoken of as a person and is a metonym for the wise person. The word "name" here is a metonym for the person himself, what people think of him, and his authority. Alternate translation: "and the wise person will fear you" or "and the wise person will acknowledge that you are good and will obey you" (See: [[rc://en/ta/man/translate/figs-metonymy]] and [[rc://en/ta/man/translate/figs-personification]])
Here "rod" refers to the enemy army with which Yahweh, who "has put it in place," will discipline his people. (See: [[rc://en/ta/man/translate/figs-metaphor]])