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Those unbelieving Pharisees and Sadducees want to test Jesus and ask for a sign. Seriously? This again?
Jesus doesn't take the bait. He says that only the evil and unfaithful ask for a sign. Oh, and the only one there will be is the sign of Jonah. So there.
Jesus warns his disciples about the yeast of the Pharisees and Sadducees. The hungry bunch thinks that Jesus is talking about bread (he's not). Finally they understand that he's actually referring to the teachings of the Pharisees and Sadducees.
Jesus & Friends make it to Caesarea Philippi and the head honcho asks his disciples who people think he is. We get a variety of answers: John the Baptist, Elijah, Jeremiah, or one of the prophets.
Okay, not too bad of a start. In response, Jesus asks them who they think he is.
Peter steps up to the plate and says, "You are the Messiah, the Son of the living God" (16:16).
Home Run! Jesus is relieved that someone has finally picked up what he's been putting down.
Jesus officially gives Peter his new name (remember, he was originally Simon) and as a little reward, he gives him the keys to heaven. Not a bad prize, if we do say so ourselves.
The glory doesn't last long, though, because Jesus predicts his own arrest, death, and resurrection and Peter will have none of it. Jesus rebukes him by saying, "Get behind me, Satan" and telling Peter that's he's a stumbling block for him (16:23). Burn.
Jesus's next set of instructions: if you want to follow him, take up your cross and do it.
Occupational hazard warning: you will lose your life. But don't worry. You'll eventually get it back.