We develop a nonequilibrium many-body theory of the coherent femtosecond no
nlinear optical response of the Fermi-edge singularity. We study the role o
f the dynamical Fermi-sea response in the time evolution of the pump-probe
spectra. The electron-hole correlations are treated nonperturbatively with
the time-dependent coupled cluster expansion combined with the effective Ha
miltonian approach. For shea pulse durations, we find a nonexponential deca
y of the differential transmission during negative time delays, which is go
verned by the interactions. This is in contrast to the results obtained wit
hin the Hartree-Fock approximation, which predicts an exponential decay gov
erned by the dephasing time. We discuss the role of the: optically induced
dephasing effects in the coherent regime.