I believe the scripture is plain that Christ bore the punishment for our sins, enduring the wrath of holy God on our behalf. As He bore our sins in His own body on the tree; as He "became sin for us," He suffered the penalty for sin on behalf of those who believe.

Isaiah 53 immediately comes to mind, and verse 5 certainly describes God's wrath poured out against guilt. "Pierced for our transgressions, crushed for our iniquities,the punishment for our peace was upon Him ... The Lord caused the iniquity of us all to fall upon Him."

The Apostle Paul describes His work in terms of imputation: Adam's guilt imputed to us, Our sins and guilt imputed to Him so that He could bear the punishment of God for our guilt and atone (pay for) our sin, and His righteousness imputed to us.

Christ bore the wrath of God on behalf of the redeemed.