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 Senate candidate David McCormick has ousted longtime Pennsylvania Senator Bob Casey, according to an Associated Press projection. McCormick, an Army combat veteran and former hedge fund CEO,