Ephesians 4:5

One Lord. Christ, the Head of the church (1Co 1:13 Eph 1:10). All saints have one Master.

One faith. One Lord who is the object of faith, and whom both Jews and Gentiles lay hold upon by faith in him.

One baptism. All have been baptized into the "one Lord" upon the profession of the "one faith" by one rite. It would be utterly inconsistent with the Apostle's argument, if there could be anything divisive about baptism, as three different ways of administering itself. He is showing that there is unity in each one of seven essential features of Christianity, and hence all should seek to "keep the unity of the Spirit in the bond of peace" (Eph 4:3).
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