Are we a covenant people?

No. Ephesians 2:12 is very plain. Our Gentile forefathers were strangers from the covenants of Promise, without hope and without God in this world. But, the flip-side, now in Christ Jesus we are made nigh, not by covenants, but by the Blood of Christ. By the finished work of the Cross, we are now in a greater relationship than even the covenants, we are joint-heirs with Christ, Romans 8:14-17. The covenants were directed only to the nation of Israel. In order for the covenants to be fulfilled, Christ had to accomplish the atonement, His sacrifice of Himself. But, by His Grace that was extended beyond the covenants, and opened the windows of heaven's salvation to the whole race; beyond Human comprehension; the unsearchable riches.