Treasury yields 1 month annualized?

The 1 month treasuries are currently quoted with a yield of 2.2%. Could someone explain this number to me again.

  1. Does this mean that if I buy a 1 month yield in January and hold that to maturity, that is until Feb 1st, do I make 2.2%?

  2. Or does this mean, in order to make 2.2% I need to buy another 1 month Treasury in Feb, and another in March and so on and on until Dec 31st, in order to make 2.2% by the end of the year?

So is the quoted yield annualized is what I am asking I guess.

Interest rates are always – _ always! _ – quoted as annual rates.

Thanks Bill!! I just remembered you had pointed that out to me before (see link above). Thanks for all the help over the years, just passed L3 recently and I definitely owe you a beer or two (or a lifetime supply)!!!