Speratus, Baptism is the sign and the seal of the Covenant. There are both temporay and eternal blessings and cursings associated with the covenant. In the OT those non-elect who were with the elect covenant members (Israel) were blessed and cursed as a nation.

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If you base infant baptism on an infallible benefit of covenant relationship, you fall into a similar error as those who baptize infants based on an infallible baptismal regeneration. Both doctrines assume that man's works determine God's favor.
There is a difference in temporary favor and eternal favor, which you are assuming are one! Moreover, just because someone is in the Covenant does not necessarily mean they will be saved. Baptism is but the sign and seal of the covenant relation in which God's election, predestination, and sovereigniy still reign. See Covenant Diagram.

Reformed and Always Reforming,