Fano line shapes observed in absorption spectra encode information on the amplitude and phase of the optical dipole response. A change in the Fano line shape, e.g., by interaction with short-pulsed laser fields, allows us to extract dynamical modifications of the amplitude and phase of the coupled excited quantum states. We introduce and apply this physical mechanism to near-resonantly coupled doubly excited states in helium. This general approach provides a physical understanding of the laser-induced spectral shift of absorption-line maxima on a sub-laser-cycle time scale as they are ubiquitously observed in attosecond transient-absorption measurements.