Implications from Jeremiah 31: Baptism and Covenant Community (Audio only)

When Jeremiah said, "All will know the Lord," does mean that only professing believers are members of God's covenant? What about the children of believers? How should we understand Jeremiah 31? 

For more information, see: 

Jeremiah 31: Infant Baptism in the New Covenant by Richard Pratt 

Baptism, Covenant, Election (video) by Richard B. Gaffin Jr. 

Why Do We Baptize Our Children? (video) by Richard Pratt 

Infant Baptism (video) by Lingon Duncan