Zechariah tells us when he speaks of future events, and then here he returns to his own present time. He shows that the blessings they are to fix their hopes on are yet future.
The people of God do not need to rein in and constrain their hopes as if God were unable to supply all that they wish for. The opposite is the case: we cannot even conceive of the wonders he has in store for us; the half was not told us; and the best is saved till last. For now, the remnant in Judah were prisoners of hope – they had to live on their hopes until the Messiah came, but when he was announced by John the Baptist they would say to each other: ‘We have found him, of whom Moses in the law, and the prophets, did write, Jesus of Nazareth, the son of Joseph’ (John 1:45). God will render double to his elect, for he will more than compensate her for all the troubles she has been through.
Which covenant is in mind? Was it Sinai by which they were constituted as a nation, a legal covenant, or was it the covenant of grace, the promise made to Abraham and ratified by Christ on Calvary? Although God gave the nation assurances of his provision and protection, it was for the sake of the promised seed that they were kept together as a nation, delivered from Babylon, and spared when the scourge of Alexander’s army swept through the land. The national covenant would last for a time, long enough to serve its purpose in bringing forth the Messiah and preserving the Scriptures, but the new covenant would last forever. The blood of the temple sacrifices had no efficacy of its own, but looked forward to the infinitely efficacious sacrifice of the Lamb of God.