Jeremiah 30:22

And ye shall be my people,.... For many hundred years the people of the Jews have been called "Loammi" or, "ye are not my people", Hosea 1:9; but now being converted, the covenant of God's grace shall be renewed, and a fresh manifestation and application of it made unto them; and they partaking of the grace of it, shall appear to be, and shall be, called the people of God, and shall behave as such, and fear and worship the Lord:

and I will be your God; will manifest his love to them, bestow his favours upon them, and take them under his care and protection. This is a summary of the covenant of grace, which will visibly take place when those people shall turn to the Lord, Romans 11:26.