I had recently been working through Jeremiah and thinking about the New Covenant when I came across this statement from H. L. Ellison. Unfortunately, Ellison does not further unpack the statement, but that being said, there is a lot here that resonates with me.
It is one thing to say that Jeremiah was not given to see what the new covenant would mean for the world, it is entirely another to say that by Israel and Judah he really meant the Church. So to understand Jer. 31:23–40; 33:14–26 is to make all sane Bible interpretation impossible. On the other hand, we must not fall into the opposite error of supposing that the new covenant will mean something else for ‘all Israel’ than it does for the Church, that saved Israel will be saved in some other way than is the Church. God does not abolish physical Israel, but in saving it transcends it, just as He does not scrap this earth but renews it.”
H. L. Ellison, Men Spake from God: Studies in the Hebrew Prophets (Carlisle: Paternoster, 1968), 92.