Thus says the LORD, “In a favorable time I have answered You, And in a day of salvation I have helped You; And I will keep You and give You for a covenant of the people, To restore the land, to make them inherit the desolate heritages” (Isaiah 49:8)

• time of favor. . . day of salvation. Messiah is represented as asking for the grace of God to be given to sinners. God gives his favorable answer in a time of grace when salvation’s day comes to the world. At his appointed time in the future, the Lord will, by his Servant, accomplish the final deliverance of Israel. Paul applied these words to his ministry of proclaiming the gospel of God’s grace to all people (2 Corinthians 6:2). 
• a covenant to the people. When the Lord saves and regathers Israel, they will return to the land, to which Joshua brought their ancestors after their exit from Egypt, now restored and glorious (Joshua 13:1–8). (John MacArthur)

All our happiness results from the Son’s interest in the Father and the prevalency of his intercession, that he always heard him; and this makes the gospel time an acceptable time, welcome to us, because we are accepted of God, both reconciled and recommended to him, that God hears the Redeemer for us. (Matthew Henry)