We consider a single-link multi-source network with FAST TCP sources. We adopt a continuous-time dynamic model for FAST TCP sources, and propose a static model to adequately describe the queuing delay dynamics at the link. The proposed model turns out to have a structure that reveals the time-varying network feedback delay, which allows us to analyze FAST TCP with due consideration of the time-varying network feedback delay. Based on the proposed model, we establish sufficient conditions for the boundedness of congestion window of each source and for the global asymptotic stability. The asymptotic stability condition shows that the stability property of each source is affected by all other sources sharing the link. Simulation results illustrate the validity of the sufficient condition for the global asymptotic stability.