The New Covenant that we look forward to:
“Here, the days are coming,” says Adonai, “when I will make a new covenant with the house of Isra’el and with the house of Y’hudah. It will not be like the covenant I made with their fathers on the day I took them by their hand and brought them out of the land of Egypt; because they, for their part, violated my covenant, even though I, for my part, was a husband to them,” says Adonai. “For this is the covenant I will make with the house of Isra’el after those days,” says Adonai: “I will put my Torah within them and write it on their hearts; I will be their God, and they will be my people. No longer will any of them teach his fellow community member or his brother, ‘Know Adonai’; for all will know me, from the least of them to the greatest; because I will forgive their wickednesses and remember their sins no more.” ~~ Jeremiah 31: 31-34
Note that the covenant is not with everyone, just the “house of Isra’el”. For believers who think that the church replaced the Jews, this phrase should toss a speed bump into that thinking. Thankfully, YHWH’s word is clear that believers in Yeshua are grafted into the commonwealth of Israel. (See the blog post here titled Grafted In.)
Some people equate the New Testament with the New Covenant. This is what they’ve been taught or generally led to believe. It seems very clear from the description of it that the New Covenant has not been completed. However, it may well have begun with Yeshua’s life on earth. We don’t have to know or argue about all the details of when it began (if it has) or its completion date, because we know the One who made the covenant and He is faithful. Praise His name!