The New Covenant is not yet in operation.
God made one great covenant and that was with Abraham. Genesis 22:17,18: “I will greatly bless you, and I will greatly multiply your seed as the stars of the heavens and as the sand which is on the seashore…In your seed, all the nations of the earth shall be blessed.” The Abrahamic covenant promised to bless all the families of the earth.
There are three progressive stages to the original covenant: the Law Covenant, the Church’s Grace Covenant, and the New Covenant. Each covenant advances God’s plan to bless the entire world.
Under the Law Covenant, God gave his law to the nation of Israel. Actually, the Law was a “schoolmaster” to lead them to Christ (Galatians 3:24, 25) – to make the Jews ready to accept Messiah. Had they accepted him, they would have comprised the Church class. But they failed. God temporarily cast off Israel, and instead, the Gentiles were called to be followers of Christ – the Church, or Bride of Christ (Ephesians 3:6). Christ’s church will live and reign with Jesus in heaven and be “the stars of heaven” part of the seed to bless the world (Genesis 22:17,18).
Faith in Jesus’ sacrifice opened salvation from sin (1 Thessalonians 5:9). The Law covenant ended, and a new era began (Colossians 2:14). God’s covenant with Christians is under the Grace Covenant. Romans 5:2 (ESV), “Through him (Jesus) we have also obtained access by faith into this grace in which we stand.” Our law is the Law of Love. As the Apostle declares, “Love is the fulfilling of the Law.” (Romans 13:10)
The Grace Covenant is presently developing a people “to live and reign with Christ,” (Revelation 20:4). When Jesus’ bride, the Church, is complete and living with Jesus in heaven, then the New Covenant will go into operation and it will focus once again upon Israel.
Israel was only temporarily cast off (Romans 11) and in the near future, God will again make a “New Covenant with them” (Jeremiah 31:31). They will be the “sands of the seashore” (Genesis 22:17,18) part of the earthly seed of Abraham. They will help to bless “all the families of the earth.”
In God’s great thousand-year day, all shall return from their graves and have the opportunity to gain perfect life. Christ will teach the world righteousness. People will have God’s law written in their hearts (Jeremiah 31:33,34). Then Isaiah 66:22,23 will be fulfilled: “For as the new heavens and the new earth which I will make shall remain before me, says the LORD; so shall your descendants and your name remain…from sabbath to sabbath, all flesh shall come to worship before me, says the LORD.” Mankind will thus keep the sabbath of rest by coming into harmony with God.