Republican David McCormick has won Pennsylvania’s pivotal U.S. Senate seat, as the former CEO of the world’s largest hedge fund beat three-term Democratic Sen. Bob Casey in Tuesday’s election after accusing the incumbent of supporting policies that led to inflation,

McCormick’s projected victory marks a pivotal moment for the Republican Party, solidifying their gains in what was one of the nation’s most expensive Senate races and giving them a significant foothold in Pennsylvania, a state that has long been a key battleground in national elections.

Republican Dave McCormick appeared to win a major upset in Pennsylvania, beating three-term incumbent Bob Casey. The victory would give the GOP a key win in the U.S. Senate, where it now holds 53 seats.