Matthew concludes his genealogy numbering the generations from Abraham to David, David to the deportation, and the deportation to Christ. But, of course, this seems to leave out an important detail: the people of the exile returned to the land. Why doesn’t Matthew include the return here?
Matthew is telling us what many Jews of the day knew to be true: although they had returned from their physical exile, they were in a very real sense still in a spiritual, theological exile. And Matthew’s point is that that exile is the one that really matters, the exile that Jesus is born into, and the one that he is sent to redeem his people from. In fact, it’s what the first Exodus was always about.
This makes sense of Matthew’s quotation and placement of Hosea 11:1. The Egypt out of which God’s Son is being called is, physically, Israel. The roles have reversed: Israel is the new Egypt, Herod is the new Pharaoh. And this is what Egypt, Pharaoh, and the Exodus always pointed toward, the New and Greater Exodus.