After a succession of devastating defeats in 1863, why did Confederate leaders still believe they could achieve a favorable negotiated peace settlement?

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Despite a string of defeats in 1863, Confederate leaders believed that by continuing to fight and wear down the Union Army, the Northern public would eventually become war-weary and call for a negotiated peace settlement. This tactic was known as a war of attrition. While they still believed in the superiority of the Confederate military, they recognized the Union's growing industrial might and knew they couldn't win a conventional war. The Confederate economy was struggling by 1864, and the vast majority of slaves remained loyal to the Union cause. While the Union was facing financial challenges, it was still able to fund its war effort and was not bankrupt.

After a Succession of Devastating Defeats in 1863, Why Did